TFM Reports 187% Profit Growth in 3Q24, Driven by Enhanced Profitability and Cost Optimization

Thai Union Feedmill Public Company Limited (SET: TFM) has announced its 3Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 3Q24 3Q23
Net Profit (Loss)

Million Baht

151.03 52.49
Earning Per Share

(Baht)

0.3000 0.1000
% Change 187.75
9 Months 2024 2023
Net Profit (Loss)

Million Baht

384.42 72.53
Earning Per Share (Baht) 0.7700 0.1500
% Change 429.99

 

TFM reported a net profit in 3Q24 of THB 151.0 million, a significant increase of 187.7% from the same period last year. This significant growth was fueled by enhanced profitability, with an improved gross profit margin at 19.2% due to strategic sales and production cost optimization.

The company reported sales at THB 1,389.8 million in 3Q24, marking an increase of 6.4% from the same period of last year, driven by a 29.4% increase in shrimp feed sales, both domestically in Thailand and Indonesia, as well as exports to other countries. Meanwhile, fish feed sales decreased by 18.3%, primarily due to a decline in seabass feed sales. Additionally, livestock feed sales also dropped by 25.0% as a result of adjustment in the livestock feed sales strategy.

Gross profit was at THB 266.6 million, increasing from the same period of last year by 84.2%. The improvement was due to a strategic shift towards high profit products, effective cost management and enhanced production efficiency, in addition to raw material cost control. As a result, the gross profit margin rose from 11.1% in 3Q23 to 19.2% in this quarter.