(Bangkok) November 15th, 2018 -- Charoen Pokphand Foods PCL (CP Foods) announced total sales of Bt398.261 billion in the first nine months of 2018, up by 7% compared to the same period last year thanks to business growth from overseas operations.
Mr. Sooksunt Jiumjaiswanglerg, Chief Executive Officer (CEO) for Agro-Industrial Business and Co-President at CP Foods, said overseas operations in the first nine months this year accounted for 67% of the company’s total sales, an increase by 12% 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 explained, adding that CP Foods currently operates in 17 countries worldwide.
It had reported a 9-month net profit of Bt13.855 billion, rising by 7% due to pork price recovery in Vietnam and Cambodia. As a result of good overseas performance, CP Foods is confident of achieving 2018’s target and also forecast business continues to soar driven mainly by the overseas operations in 2019.
To cope with global economic slowdown, the company placed an importance on reducing cost of management and lower interest expense via debentures.
Mr. Sooksant predicted the company’s total sales to reach Bt600 billion in the next five years which foreign operation will become a main driver, accounting for 75% of its sales.
On the business expansion, Mr. Sukhawat Dansermsuk, Chief Executive Officer (CEO) - Food Business and Co-President at CP Foods, said the company sets up Research and Development Center to deliver food products suitable for all group of consumers, including patient foods and aging consumers.
He also pointed that the company must deliver new products that meet consumer’s demands to overcome growing challenge in ready-to-eat meal business.
CPF’s vision sets to achieve “Kitchen of the World” by providing safety food and quality products that are able to trace back throughout supply chains. Moreover, it also supports efficient resource consumption as well as taking responsibility for the social developments based on good corporate governance. These sustainability’s excellences are recognized by organizations across the world such as Thailand Sustainability Investment, DJSI and FTSE4Good index.
