CPF profits soar to Bt19.6bn in first 9 months
Charoen Pokphand Foods (CPF) has registered Bt7.475 billion net profit in the third quarter of 2020, a 23 per cent increase from the same period last year. The income boosted 9-month earnings to Bt19.614 billion, up 36 per cent year on year. Earnings before interest, tax, depreciation and amortisation (EBITDA) jumped 87 per cent on year to Bt61.658 billion, the highest-ever in the company’s history.
Prasit Boondoungprasert, CEO of CPF, attributed the improved performance to an African Swine Fever (ASF) outbreak which led to pork shortages and boosted pork prices above last year’s level, as well as greater profitability of the aquaculture business in Thailand following adjustments in marketing strategies and business model.
Prasit said that CPF expected earnings growth to be sustained next year, due to business and capacity expansion in several countries. Pork prices may soften from this year’s level but would remain high, he added.
Meanwhile, CPF is set to start realising profits from its swine business in China, which is under the acquisition process following approval of minor shareholders in late August.
