Charoen Pokphand Foods Public Company Limited (CP Foods) reported its 2024 financial performance with a net profit that exceeded expectations, driven by balanced operations in the livestock industry and improved cost management. The company expects to maintain robust performance in 2025 and is committed to the “Sustainovation” initiatives, having ranked in the top 1% of the S&P Global Corporate Sustainability Assessment (CSA) score (DJSI).
Mr. Prasit Boondoungprasert, Chief Executive Officer of CP Foods, announced the company and its subsidiaries’ 2024 performance, reporting total sales of THB 580,747 million and a net profit of THB 19,558 million, marking a remarkable increase of 476% from a net loss in 2023. Of the total sales for 2024, 63% was generated from overseas operations across 13 countries, while 31% came from domestic operations in Thailand, and 6% from export activities, with food products sold to over 50 countries globally. By business segment, revenue contributions were 23% from animal feed, 55% from farming operations, and 22% from food products.
According to Mr. Prasit, the outstanding performance in 2024 surpassed targets largely due to a strong recovery in overseas operations. This improvement resulted from successful adjustments in supply and demand within the swine industry, which had faced oversupply and depressed prices in 2023. Notably in Vietnam, rising pork prices—driven by ASF outbreaks late last year—contributed to better-than-anticipated results. Furthermore, CP Foods gained from its business restructuring efforts, enhanced efficiency in livestock operations and raw material procurement, effective cost management, and reduced financial costs compared to the previous year, all of which led to improved overall efficiency.
“Looking ahead to 2025, we anticipate maintaining our growth trajectory. Over the past two to three years, we have focused on optimizing asset utilization and managing costs and expenses in line with economic conditions. Additionally, we have been developing products that align with consumer behaviors and preferences while exploring new investments to enhance our core business potential. Furthermore, we remain committed to promoting ‘Sustainovation’—innovations that foster balanced economic, social, and environmental growth. This commitment to sustainability is reflected in CP Foods’ ranking among the top 1% of companies in the S&P Global Corporate Sustainability Assessment,” stated Mr. Prasit.
He emphasized that the company is closely monitoring a range of factors that could impact operations, including potential trade policies under the “Trump 2.0” administration, the effects of climate change, and animal disease outbreaks in various countries. CP Foods has instituted rigorous measures to mitigate these risks and ensure food security across all of its markets.
Meanwhile, the CP Foods Board of Directors has approved a second dividend payment of THB 0.55 per share for the 2024 financial year. Combined with the first interim dividend payment of THB 0.45 per share (paid on September 13, 2024), the total dividend for 2024 is THB 1.00 per share. This proposal will be presented for approval at the 2025 Annual General Meeting of Shareholders, scheduled for April 24, 2025.
