As it celebrates its 75th Anniversary this year, Thai Wah Public Company Ltd (“TWPC”) delivered record sales with an 18% increase in global sales and 7% increase in net profit.
As Southeast Asia’s leading Agri-Food platform, TWPC operates in five countries across 15 operations spanning a full product portfolio range of consumer food and food solution products, B2B starch and food ingredients as well as its new tapioca-bioplastic platform, ROSECO. For the first nine months of 2022 – TWPC delivered strong sales growth all segments of its business with significant performance coming from its core Food Business in Thailand and Vietnam registering high double-digit growth.
Amid the backdrop of a challenging global environment, the Company continues to deliver strong momentum in its core business performance by strengthening its core global sales and marketing, supply chain and digital capabilities. This year for the first time ever, TWPC was recognised by “HR Asia Best Company to Work for 202s” and also a “Rising Star for Sustainability Excellence in 2022” by the SET for its significant efforts and results in driving sustainability and operational excellence across its portfolio in Asia Pacific.
Mr. Ho Ren Hua, Chief Executive Officer, Thai Wah Public Company Limited (TWPC), said: “Designing and developing a very strong globally balanced portfolio has been a key cornerstone of our overall strategy since Covid started in March 2020. As one of the region’s few vertically integrated agri-food players from Farm to Shelf, we have been spending the last three years focusing on strengthening our entire value chain capabilities and localising all our supply chain and sales capabilities into global markets. We continue to capitalise on this momentum going into a Post-Covid era with a strong demand for consumer staples and affordable food products. Looking ahead towards 2023, we are focused on continuing to execute our ongoing transformation and move further and deeper into large consumer markets such as India, Indonesia and USA. The need and customer demand for global food solutions which are traceable, affordable and convenient is more important than ever, and we are excited to continue to deliver with speed and scale going into the next few years. Much of our strategy has been balancing and harmonising our B2C and B2B customer portfolio across China, Indonesia, Vietnam, India, USA and the demand for Thai Wah’s entire portfolio of food and ingredient products is much, much stronger than pre-Covid. We have to continue to execute well and diligently into 2023, and the pace of our food and product innovation strategies will continue.”
Looking towards 2025, Thai Wah plans to significantly increase sales across Asia Pacific by expanding both its production, distribution and sales and marketing base from 15 to 20 locations, and continue to strengthen its operating capabilities in China, Vietnam, Cambodia and Indonesia. The company has doubled in profit and revenue since 2017 and has launched more than 20 new products throughout the Covid period, catering to global addressable market of food, starch, organic and sustainably sourced materials. It also opened its flagship office in Indonesia – Thai Wah Indonesia – at the largest food fair conference in Jakarta in September 2022.
On 2 November 2022, Mr Ho Ren Hua and some of the top key business leaders in Thailand took part in the UN Global Compact Thailand (GCNT) Commitment to Climate Change, together with PM Prayuth and other leading members of government, NGOs and the public sector. Earlier last month Thai Wah participated as a keynote participant at the Grow Asia Summit in Singapore convening some of the region’s key thought leaders and CEOs operating at the intersection of climate change, sustainable farming and consumer food demand.
“Agriculture and Food is inherently a global business, and with the looming challenges in global food security and climate change, we have a big responsibility to serve our global customers faster and better from this part of the world. Over the last six months our traction in global sales and marketing has accelerated dramatically, and we now serve some of the world’s leading global brands and customers. We are uniquely and completely plant based from farm to shelf, and that resonates well with our global customers as a leading B2B Agri Food company in Southeast Asia. We will continue to strengthen our entire Southeast Asia platform from farm to shelf,” said Mr Ho.
In addition, Thai Wah will be aggressively investing into renewable energy with a target of more than 15 MW of renewable energy sourcing by 2025 as part of its long term commitment to reduce its carbon footprint towards net zero and be cost-efficient as a major player. Earlier in 2022, it launched its first sustainable packaging business, ROSECO which is the world’s first and leading tapioca-based platform in bioplastics and sustainable packaging with a leading role in tackling the global plastics and climate change challenge from Southeast Asia.
