Thai Union Frozen Products revealed a jump in full-year earnings today (27 February) lifted by improved margins and higher sales.
TUF, the owner of tuna brands John West and Petit Navire, posted net profit of THB5.1bn, up 78.5% year-on-year. "The net profit is mainly driven by margin and earnings recovery across all business categories especially in the tuna and pet food businesses," TUF said in a statement. Gross profit was up 33% to THB19bn.
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Sales in the period also increased, reaching a "record high" thanks to the acquisitions of MerAlliance and King Oscar, TUF said. Revenue totalled THB121.4bn, a 7.4% increase.
Thiraphong Chansiri, president and CEO said: "This is another great year with encouraging net profit and earnings. Our 2014 result demonstrates continued accelerated growth from our branded product portfolios and operational cost management initiatives. These activities remain a priority as well as leverage sourcing activity, operating and marketing synergies with the newly acquired companies."
