Improved Frozen Food-Pet Care Sales Push TU’s 1Q Earnings to ฿1.8Bn, Up 77%
TU reported robust 1Q21 net profit growth of 77.4% YoY, at THB 1,803 million. This was thanks to strong core businesses in Frozen and chilled seafood as well as PetCare and value-added, margin expansion, FX gains, and lower finance costs.
Thai Union Group Public Company Limited (TU) has reported its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;
TU reported robust 1Q21 net profit growth of 77.4% YoY, at THB 1,803 million. This was thanks to strong core businesses in Frozen and chilled seafood as well as PetCare and value-added, margin expansion, FX gains, and lower finance costs.
1Q21 sales were stable YoY to THB 31,125 million. This was mainly driven by improved frozen and chilled seafood sales (+10.3% YoY) and strong PetCare and value-added business sales (+20.8% YoY). The Ambient business experienced a 13.1% YoY drop in sales in 1Q21. Compared to 1Q19 pre-COVID level, all three core businesses still grew well in 1Q21 at 6.0% growth.
1Q21 SG&A to sales ratio was at 11.7%, up from 11.3% in 1Q20. The increase resulted from higher logistic costs estimated at approx. THB 200-250 million during the quarter. Despite higher logistic costs, SG&A expenses increased only 3.6%YoY, thanks to TU’s effective cost management by lower marketing and advertising, and other selling expenses.