CPF boosted its revenue in Q2 through more exports
CPF reported total sales of Bt136.353 billion ($4.09 billion) in the second quarter of this year.
The companny announced that it activates in 16 countries that account for 68% of the total sales while the domestic sales account for 27% and export from Thailand for 5%.
Top three markets which generated main revenue included Thailand (32%), China (26%) and Vietnam (16%) These markets account for 74% of CPF’s total sales.
In Q2, CPF’s year-on-year net profit jumped by 45% to Bt5.894 Billion ($176.8 million), and sky rocketed by 93% when compared with Q1 of this year. The improved net profit was largely resulted from Vietnam’s performance bounced back to normal state.
Mr. Sooksunt Jiumjaiswanglerg, Chief Executive Officer (CEO) for Agro-Industrial Business and Co-President of CPF, said the company’s performance has been affected by oversupply of pork and chicken meats in Vietnam. The price problem also affected Thailand in the mid of last year.
However, prices of those two kinds of meat better adjusted to cover cost in April last year. Particularly, pork price in Vietnam has been corrected to normal level which was an important factor to push brighter result operation in Q2.
It is forecast that increasing price will further carry to next year. Pork and chicken prices have been rising continuously from Q1. The better prices will also be a factor to spur better result operation for the remaining year.
CPF also added that the currency crisis in Turkey, which accounted for 3% of CPF total sales, is unlikely to affect its performance as the operation in Turkey is now focusing on domestic consumption. Moreover, the company has made some improvement in financial structure in early 2018. Therefore, the decline in Turkish currency may result more exports.
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