Asian Sea Corporation Public Company Limited (SET: ASIAN) reported its outstandings performance in 2024, with total revenue reaching THB 10,780 million, a 12.5% increase from the previous year, while net profit soared to THB 848 million, reflecting an impressive growth of 180.5%, driven by the continuous expansion of pet food business.
The Board of Directors approved a dividend payment of THB 0.5603 per share for the second half of 2024, bringing the total annual dividend for the year to THB 0.99 per share. The company has set a 2025 revenue target of THB 11,362 million, representing a 4.9% growth.
Mr. Somsak Amornrattanachaikul, Chief Executive Officer of ASIAN, reported that the company maintained strong growth in 2024 performance, with the pet food business standing out as a key driver. Sales volume increased by 30%, reaching 37,593 tons, contributing THB 6,010 million in revenue or a 37% growth from last year. This growth was driven by rising demand in key markets, particularly in the United States and Europe, with canned and pouch-packaged pet food emerging as high-growth product categories.
Meanwhile, the tuna, aqua feed and frozen seafood businesses faced challenges due to market volatility, leading to a slowdown in sales volume and sales revenue. However, ASIAN effectively managed costs, adjusted production and marketing strategies to align with industry trend, resulting in a significant improvement in gross profit margin. As a result, Net Profit for 2024 surged 2.8 times to THB 848 million, with a net profit margin of 7.9%, compared to 3.2% in the previous year.
The company’s Board of Directors resolved to propose to the Annual General Meeting of Shareholders a dividend payment for the second half of 2024 (July–December) at a rate of THB 0.5603 per share. If approved by shareholders, the record date for the right to receive dividends will be set on May 7, 2025, with dividend payments scheduled for May 21, 2025. Including the interim dividend of THB 0.4297 per share paid for the first half of 2024, the total dividend payment for the year amounts to THB 0.99 per share aimed at rewarding shareholders.
Looking ahead to 2025, Mr. Somsak Amornrattanachaikul further stated that ASIAN aims for total revenue of approximately THB 11,362 million, representing a 4.9% growth. The key driver is fueled from the continuous expansion of the pet food and aqua feed businesses, while the tuna and frozen seafood businesses will be strategically managed to align with market conditions, ensuring a long-term sustainable profitability. The company aims to maintain a consolidated gross profit margin of 16-17% to support stable growth.
For 2025, ASIAN has allocated an investment budget of THB 1,058 million for capacity expansion and enhance operational efficiency. This includes 1) THB 1,015 million in Pet Food Business for the construction of second automated warehouse and the establishment of a new production building, 2) THB 47 million in Aqua Feed Business for improving the efficiency of shrimp feed production machinery and installing additional equipment for pelletized pet food production and 3) THB 96 million in Frozen Seafood Business for renovations of dormitories and factory facilities in Surat Thani and installation of solar energy system at the Phetchaburi plant.
