CPF profit surges 33% in 2016

CPF profit surges 33% in 2016

Charoen Pokphand Foods Plc (CPF), the SET-listed flagship of agribusiness giant Charoen Pokphand Group, expects its sales revenue to grow by 10% this year from 2016, boosted largely by overseas operations.

Adirek Sripratak, CPF's president and chief executive, said despite rapidly changing environments, global economic prospects and consumer behaviour, the company aims for 10% growth this year and is committed to expanding business in strategic areas with growth potential.

Most of the growth will come from CPF's overseas business, he said.

CPF reported yesterday its profit surged 33% to 14.7 billion baht last year compared with 11.1 billion in 2015.

The higher profit was largely attributed to a growing livestock operation in Thailand, which returned to a normal operating environment, and the recovery of the local shrimp business from Early Mortality Syndrome.

Also contributing to the profit gain were subsidiaries in Russia and Cambodia as well as efficient expense management.

The company reported its sales revenue increased by 10% last year to 464 billion baht from the previous year. While sales revenues from CPF's overseas operations and export business accounted for 68% of its total sales revenues, the remaining 32% came from CPF operations in Thailand.

Its sales from Thai operations rose 7% to 179 billion baht, while those of international operations surged 12% to 286 billion baht.

In a related development, the company reported yesterday its board of directors announced the payment of its 2016 dividend at the rate of 0.95 baht per share. Since the first interim dividend was paid to shareholders at the rate of 0.50 baht per share on Sept 8, 2016, 0.45 baht per share remains to be paid.

CPF also announced yesterday its board resolved to divide the company's businesses into two major lines: agricultural and the food business.

The agricultural business will be overseen by Sooksant Jiamjaiswanglerk, who has been appointed as president and chief executive, while Sukhawat Dansermsuk has been named president and chief executive of the food business unit.

CPF shares closed yesterday on the Stock Exchange of Thailand at 27.50 baht, up 50 satang, in trade worth 780 million baht.

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