TU’s 2Q Profit Up 14x to ฿1.7Bn, Offering a Dividend at ฿0.32

Thai Union Group Public Company Limited (TU) has reported its 2Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

TU reported a 2Q20 net profit of 1,716 million baht, up 1,440% YoY, mainly due to strong core business and an absence of US legal fee of 1,402 million baht during 2Q19. The growth was delivered despite high share of loss from Red Lobster affiliate due to the city shutdown. Excluding such US legal expenses from 2Q19, the 2Q20 net profit still increased 13.4% YoY on normalized basis. 1H20 reported net profit was 2,732 million baht, an increase of 97% YoY.

 

Meanwhile 2Q20 sales grew by 2.6% YoY to 33,051 million baht. This is mainly driven by ambient seafood business that delivered 16.8% sales growth YoY, while frozen business saw sales decline of 14.0% due to the city lockdown, driving total sales volume growth of 10.1% YoY. Thai Baht against major currencies were stable YoY.1H20 sales were up 4.2% YoY to 64,154 million baht.

 

In addition, the Board of Directors approved a dividend payment for operating period from 01-Jan-2020 to 30-Jun-2020 of ฿0.32/share to be paid on September 8, 2020. The ex-dividend date is August 25, 2020.