BANGKOK – May 9, 2025 – Thai Union Group PCL reported first-quarter sales of THB 29.8 billion, down 10.3% year-on-year, due to a 6.9% decline in organic sales growth and a 3.4% unfavourable foreign exchange impact. Despite softer demand in Ambient, Frozen, and Value-added categories and the impact of a stronger Thai baht, the Group posted a record-high Q1 gross profit margin (GPM) of 18.8%.
Adjusted net profit, excluding transformation costs related to Strategy 2030—the company’s long-term growth roadmap—rose 8.9% year-on-year to THB 1.3 billion. Reported net profit stood at THB 1 billion. The Group maintained a healthy net-debt-to-equity ratio of 1.0x.
“Despite a challenging macro backdrop, we continued to strengthen our core businesses, invest for long-term growth, and deliver healthy profitability,” said Thiraphong Chansiri, CEO of Thai Union Group. “Our transformation journey has focused on enhancing agility, efficiency, and speed—foundations that are now delivering measurable value.”
The PetCare business remained a growth driver in Q1, with sales rising 5.5% year-on-year to THB 4.2 billion and a robust GPM of 24.5%. Ambient sales declined 14.0% to THB 14.7 billion due to an exceptionally high base in 2024—driven by strong demand from the Middle East—and reduced private label orders in Europe amid rising fish prices. The Ambient GPM remained solid at 19.4%.
Frozen sales fell 12.2% year-on-year to THB 8.4 billion, largely due to softer shrimp sales caused by elevated shrimp prices in the U.S. However, Frozen GPM improved to 12.4%, up from 11.8% a year earlier. Sales in the Value-added segment dropped 3.1% to THB 2.4 billion.
Amid an increasingly volatile global environment, Thai Union continues to closely monitor the potential impact of reciprocal tariff measures in the U.S. The Group has proactively built up finished goods inventory equivalent to 4–6 months of sales across all categories in the U.S., reducing short-term risk. With 15 processing facilities in 13 countries—including Ghana, Seychelles, Poland, the U.S., and Vietnam—Thai Union is well-positioned to adapt to changing tariff scenarios.
In Q1, the Japan Credit Rating Agency (JCR) affirmed Thai Union’s foreign currency issuer credit rating at ‘A’ with a stable outlook, aligning it with Thailand’s sovereign rating. JCR also assigned the company an ‘A’ rating for its long-term local currency issuer credit, also with a stable outlook.
Reinforcing its sustainability commitments, Thai Union secured a landmark USD 150 million Blue Loan from the Asian Development Bank (ADB)—the first of its kind for a seafood company in Thailand. The funding will support sustainable shrimp procurement under Thai Union’s SeaChange® 2030 global sustainability strategy.