CPF expects continued improvement in financial performance following record-high revenue in Q2

Charoen Pokphand Foods Public Company Limited (CPF)’s quarterly revenue hit a new historic high at Bt155,996 million in the second quarter of 2022, or a 20% increase from the same period last year.

The leading food and agribusiness conglomerate, with investment in 17 countries and 40 export markets, showed the quarterly net profit of Bt4,208 million.

Thailand’s operations contributed Bt50,980 million or 33% of total quarterly revenue, an increase by 17 per cent year on year. Overseas operations generated Bt105,016 million or 67% of total, up by 22% year on year. The revenue was boosted mainly by higher sales volume and an improvement in consumer demand following the lifting of COVID-19 restrictions in many countries.

The quarterly gross profit rose 7% on year to Bt22,624 million. However, the share of profit from investment dropped by Bt1,546 million on year, chiefly because the joint venture in China witnessed a lower pig price than in the previous year against higher raw material costs. The net profit in the second quarter thus decreased by 11% on year to Bt4,208 million.

Prasit Boondoungprasert, Chief Executive Officer of CPF, added that the second-half performance is expected to show continued growth momentum thanks to the relaxing of COVID-19 restrictions in many countries, recent increase in pig prices in China and CPF’s emphasis on operational efficiency to maintain cost competitiveness. He foresaw that the emphasis on operational efficiency and adjustments in business models will propel continuous growth in the following years.

CPF’s Board of Directors, at the meeting on 15 August 2022, resolved to pay an interim dividend of Bt0.40 per share for the first-half performance. (After the XD date on 30 August 2022), the list of shareholders eligible for the payment will be announced on 31 August 2022. The dividend is payable on 14 September 2022.