CPF records 3.8% net profit on overseas gains

CPF records 3.8% net profit on overseas gains

SET-listed Charoen Pokphand Foods Plc (CPF), a leading agro-business conglomerate, reported yesterday a 3.8% year-on-year rise in last year's net profit thanks to its growing overseas businesses.

The company registered full-year net profit of 15.3 billion baht in 2017, up from 14.7 billion recorded a year earlier.

Sales revenue was logged at 502 billion baht, up 8% year-on-year, from 464 billion in 2016.

Overseas investment accounted for 64% of total sales, said Adirek Sripratak, chairman of the executive committee at CPF.

Oversea investments expecting to generate business growth in the future comprise operations in China, Vietnam, Russia, India and the US, said Mr Adirek.

The company has also expanded businesses into countries with high growth opportunities, covering 16 countries at present, he said.

CPF's business operation in the agro-industrial industry focuses on meat and processed foods.

Sooksunt Jiumjaiswanglerg, chief executive for agro-industrial business and co-president at CPF, said most of the company's business grew well as planned last year.

But challenges occurred in its swine business in Asia as a result of falling prices, said Mr Sooksunt.

The price of pork dropped lower than the production cost, particularly in Vietnam, but the situation has gradually eased and pork prices are expected to rise going forward, he said.

"The company strengthened its efficiency both in management and operations. We estimate the company's operating result will increase by 5-8% this year," said Mr Sooksunt.

Consumers demand not only good taste for their food products, but also food safety throughout the production chain, said Sukhawat Dansermsuk, chief executive for food business and co-president at CPF.

To serve such demand, the company has invested both in a R&D centre and a traceable food processing system to ensure the quality of its products, said Mr Sukhawat.

At the recent annual general shareholders' meeting, CPF's board of directors approved paying a dividend of 25 satang per share in addition to a 50-satang interim dividend given to shareholders on Sept 8, 2017.

CPF shares closed yesterday on the SET at 22.70 baht, down 10 satang, in trade worth 844 million baht.

Do you like the content of this article?
COMMENT

DR Congo reports fresh Ebola outbreak

KINSHASA - DR Congo reported a fresh Ebola outbreak in its northwest on Monday, the latest health emergency for a country already fighting an epidemic of the deadly fever in the east as well as a surging number of coronavirus infections.

21:45

Japan skies lit up to brighten mood

Simultaneous fireworks displays coloured the night skies in Tokyo and other parts of Japan on Monday, with fireworks makers hoping the sight would cheer up the nation as it struggles with the coronavirus pandemic.

21:29

Gilead: Remdesivir helped moderate patients improve

Gilead Sciences Inc said on Monday its antiviral drug remdesivir showed improvement in patients with moderate Covid-19 in a late-stage study.

21:15