Charoen Pokphand Foods Public Company Limited (SET: CPF) has announced its 2Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 2Q24 | 2Q23 |
| Net Profit (Loss) Million Baht |
6,924.59 | -792.25 |
| Earning Per Share (Baht) |
0.8600 | -0.1200 |
| 6 Months | 2024 | 2023 |
| Net Profit (Loss) Million Baht |
8,076.62 | -3,517.51 |
| Earning Per Share (Baht) | 0.9700 | -0.4800 |
CPF reported a net profit of 6,925 million, an increase of 973% compared to the second quarter of the year 2023, which had a net loss of THB 793 million.
The turnaround this quarter was mainly due to an increase in gross profit margin from 10.2% in the second quarter of last year to 15.4% in 2Q24. This was due to lower production cost due to lower raw material cost, improved production efficiency, and effective cost management.
Meanwhile, the price of swine in the region, especially in Vietnam and Cambodia, has increased compared to the same period last year. This is due to adjustments in production following a previous oversupply situation and the spread of ASF (African Swine Fever).
Sales revenue amounted to THB 149,498 million (64% from international operations, 30% from Thailand domestic operations, and 6% from Thailand export operations) decreased 0.5% from the same period of last year, mainly driven by the restructure of investment in Poland (change in status from a subsidiary to an associate) and the divestment of some integrated broiler companies in China at the end of 2023.
More importantly, the share of profit of associates and joint ventures amounted to THB 3,352 million, an increase by 475%. This was mainly due to the improved performance of associate companies operating an animal feed and swine business in China from higher swine prices and the better performance of CP All Public Company Limited.
In addition, the company announced an interim dividend payment of THB0.45 per share to be paid on 13 September 2024. The ex-dividend date is 29 August 2024.
