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CPF reports better-than-expected Q3 earnings

Charoen Pokphand Foods PLC (CPF) reported Bt6,062 million earnings in the third quarter, an increase by 23% from the same period last year.

The earnings increased despite lower sales revenue. In the quarter, sale revenue totaled Bt132,597 million, declining 6% on quarter. Nevertheless, excluding impacts from the strengthening of Thai baht as well as the adjustment of financial reporting standards (TFRS), sale revenue would have increased by 8% on year.

Mr. Prasit Boondoungprasert, Chief Executive Officer of CPF, attributed a drop in sale revenue to the stronger baht as well as changes in TFRS. In the quarter, overseas businesses contributed 67% of total sale revenue. The rest was contributed by the operations in Thailand, 27%; and exports from Thailand, 6%. CPF maintains the strategy to further expand businesses in potential markets and targets to raise overseas sales as well as exports to 80% of total sale revenue in the next 5 years.

In the third quarter, the net profit surged 23% on year thanks mainly to a recovery in the swine industry following a glut that pressured down pork prices. The net profit was also driven by the better financial results of overseas aquaculture business as well as investment divestiture.

The African Swine Fever (ASF) outbreak in several countries leads to an expected decrease in global pork output and pork prices have consequently moved up. Such condition may last years as affected farmers may not be able to restore their businesses in a short period.

Furthermore, such farmers have to invest more in an effective biosafety management system, to prevent another outbreak.

Pork prices in Vietnam have hit 57,000-60,000 dong per kg, or about Bt75-Bt78, above the third-quarter average price of 38,422 dong or Bt50 per kg. Farm pigs now fetch about 28-38 yuan per kg in China or approximately Bt121-Bt164, above the third-quarter average of 22 yuan or about Bt95.

Prasit is confident that CPF will meet financial targets in 2019, as earnings in the fourth quarter is expected to improve in line with an increase in pig prices. The annualized earnings in 2020 are also expected to further increase as a result of the strategy to add value of existing businesses as well as an improvement in economic conditions.

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