Thai food exporter hails profits
Charoen Pokphand (CP) Foods PCL announced sales of Bt398.26 billion in the first nine months of 2018, up by 7 per cent compared to the same period last year thanks to business growth from overseas operations.
Sooksunt Jiumjaiswanglerg, Co-President at CP, said overseas operations in the first nine months this year accounted for 67 per cent of sales, an increase of 12 per cent year-on-year. Vietnam’s operation grew the fastest.
“The overseas investment is a part of the company’s sustainable growth strategy. CP Foods has invested in promising overseas markets for agriculture and food sectors, focusing on developing countries with a demand for high quality and modern farming,” he said, adding that CP currently operates in 17 countries.
It had reported a 9-month net profit of Bt13.855 billion, rising by 7 per cent due to pork prices recovering in Vietnam and Cambodia.
To cope with the global economic slowdown, the company placed an importance on reducing the cost of management and lower interest rates via debentures.