Seafood giant Thai Union said third quarter sales growth accelerated as revenue was lifted by “satisfactory” performances from its latest acquisitions – MerAlliance, King Oscar and Orion.
The company booked a 7.2% increase in third quarter sales, which rose from THB30.4bn last year to THB32.6bn in the current quarter. In the first nine months of this year, the company recorded THB91.9bn in sales, up 3.6% year-on-year. Third quarter gains were particularly strong in the shrimp segment, boosted by the integration of the MerAlliance lobster business, Thai Union said.
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Operating profit rose 6.3% to THB6bn in the nine month period. The company reported an improvement in operating margin, which increased to 6.6% of sales from 6.4% in the comparable period of last year. Net income rose 5.4% to THB4.9bn.
Commenting on the result, president and CEO Thiraphong Chansiri said: “We remain focused on our strategy which emphasizes organic growth by adding value to products and developing food innovation. We are also looking at possibilities for market penetration, particularly into emerging markets, and food services. Our goal is to achieve US$8bn revenue target by 2020, with a clear vision of being the world’s most trusted seafood leader, by caring for our resources and promoting the health of the oceans, while remaining fully committed to ensuring the safeguarding of our people and those employed in the fishing industry.”
