Thaifoods moves into new category

Thaifoods moves into new category

Thaifoods Group, the Thailand-based meat processor, has added Food Blessing (1988) Co., a local sauces and seasonings supplier, to its operations.

In a stock-exchange filing, Thaifoods said it was paying THB280.6m (US$9.1m) for FBC's shares, a move to "expand into new business, new market and new targeted customers" in domestically and overseas.

FBC manufactures and distributes seasonings and herbal beverages with seven of its own brands including Chornthong, PQ, Matrix and the namesake FBC. It has a factory located in Pathum Thani province, the filing read.

In 2018, FBC, which like Thaifoods is based in Bangkok, generated sales of THB381.6m and a net profit of THB7.3m.

In May, Thaifoods posted a 2.3% increase in first-quarter revenues to THB6.83bn. It made a net profit of THB204.2m, compared to a net loss of THB110.8m in the first three months of 2017.

The same year, Thaifoods' revenue stood at THB25.91bn, up 9.6% on 2017 thanks to higher sales from its swine and feed-mill businesses. Net profit was THB645.5m, a drop of 57% on a year earlier.