TU’s 3Q Profit Jumps 50% to ฿2.06Bn on Strong Top Line Growth

Thai Union Group Public Company Limited (TU) has reported its 3Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

TU’s 3Q20 reported net profit was at the quarterly record level at 2,056 million baht, up 50% YoY, mainly due to strong core operations and reduced losses in Red Lobster, while 9M20 reported net profit was 4,789 million baht, an increase of 74% YoY. 

 

3Q20 sales grew by 9.3% YoY to 34,784 million baht, mainly driven by all key businesses (canned tuna and frozen shrimp) reporting sales growth. While the ambient business continued to report solid growth, the frozen business also reported a sales growth of 4.7% as foodservice operators resumed normal business. 

 

Meanwhile Thai Baht depreciated against key major currencies YoY, partly supporting sales growth. 9M20 sales were up 5.9% YoY to 98,938 million baht.