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Consumer Non-Durables

Thai Union Group Public Co. Ltd.

Company Background

Bangkok-based Thai Union Group is the world's largest canned-tuna processor, with a production capacity of 610,000 tons per year. About 90% of its revenue comes from outside Thailand, mainly the U.S and Europe.


The company was founded in 1977 by Chinese-born businessman Kraisorn Chansiri. It started out as a seafood processor and exporter, and later expanded into contract manufacturing, supplying products to be sold under big global brands. In 1995, the founder's son, Thiraphong Chansiri, took over the post of CEO from his father at age 30. It was then that the company started selling products under its own name by acquiring renowned brands.


In 1997, it purchased a 50% stake in U.S. tuna major Chicken of the Sea International. Thai Union made the company a wholly owned subsidiary in 2001. Other acquisitions include John West of the U.K. and Petit Navire of France, both the leading canned fish brands in their home markets.


Currently, contract manufacturing accounts for about 60% of Thai Union's revenue, with business under its own brand making up the remainder. While tuna generates nearly half of its sales, the shrimp, sardine and mackerel businesses are also significant sources of revenue.




Business Summary

Thai Union Group Public Co. Ltd. engages in the manufacture and sale of frozen, chilled and canned seafood. It operates through the following segments: Ambient Seafood, Frozen and Chilled Seafood and Related Business and Pet Food, Value-Added and Other. The Ambient Seafood segment includes tuna, sardine, salmon, specialty seafood and pelagic fishes. The Frozen and Chilled Seafood and Related Business segment comprises of seafood items that are sold directly to restaurants, hotels and food catering units as ingredients for further processing at kitchens. The Pet Food, Value-Added and Other segment offers pet care, seafood, non-seafood, sub-materials and sales of scrap. The company was founded by Kraisorn Chansiri and Cheng Niruttinanon in 1977 and is headquartered in Samut Sakhon, Thailand.

Financial Highlights

Dec 2021 THBUSD
Gross Profit25,070.14M783.04M
Operating income8,541.05M266.77M
Income before tax9,282.30M289.92M
Net income8,012.99M250.27M
Diluted EPS1.650.05
Dividends Per Share0.950.02
Total Assets166,604.04M4,987.39M
Total liabilities110,340.32M3,303.10M
Total equity53,369.38M1,597.64M
Operating cash flow4,540.79M141.82M
Currency in THBCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 134,937.26M 133,284.63M 126,275.24M 132,402.43M 141,047.69M
Gross Profit 18,864.72M 18,408.67M 19,566.29M 22,779.14M 25,070.14M
Operating income 5,089.29M 4,011.33M 4,491.35M 8,590.52M 8,541.05M
Income before tax 6,225.55M 4,225.51M 3,836.74M 7,806.48M 9,282.30M
Net income 6,275.51M 3,969.30M 3,918.32M 6,292.31M 8,012.99M
EBITDA 7,850.10M 7,000.24M 8,182.22M 12,546.00M 12,724.99M
Diluted EPS 1.25 0.68 0.79 1.32 1.65
Dividends Per Share 0.66 0.40 0.47 0.72 0.95
Total Assets 146,091.81M 141,916.08M 141,909.04M 144,574.67M 166,604.04M
Total liabilities 98,040.42M 95,422.03M 96,063.77M 94,787.70M 110,340.32M
Total equity 44,283.65M 43,233.47M 42,473.51M 46,235.57M 53,369.38M
Operating cash flow 5,479.30M 11,946.32M 10,313.33M 11,549.30M 4,540.79M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 3,976.51M 4,122.98M 4,067.51M 4,230.76M 4,405.50M
Gross Profit 555.93M 569.44M 630.26M 727.88M 783.04M
Operating income 149.97M 124.08M 144.67M 274.50M 266.77M
Income before tax 183.46M 130.71M 123.58M 249.44M 289.92M
Net income 184.93M 122.78M 126.21M 201.06M 250.27M
EBITDA 231.33M 216.54M 263.56M 400.89M 397.45M
Diluted EPS 0.03 0.02 0.02 0.04 0.05
Dividends Per Share 0.01 0.01 0.01 0.02 0.02
Total Assets 4,482.71M 4,358.60M 4,737.60M 4,825.58M 4,987.39M
Total liabilities 3,008.29M 2,930.65M 3,207.06M 3,163.80M 3,303.10M
Total equity 1,358.81M 1,327.80M 1,417.96M 1,543.24M 1,597.64M
Operating cash flow 161.47M 369.54M 332.20M 369.04M 141.82M

Valuation Measures

Dec 2021
Operating margin6.05%
Profit margin5.68%

Key executives

  • Vice Chairman, President & Chief Executive Officer: Thiraphong Chansiri
  • Group Chief Financial Officer: Ludovic Regis Henri Garnier
  • Group Director-Information Technology: Rajiv Kakar
  • Group Director-Legal & Compliance: David Cyril Sankowicz
  • Director & President-Global Frozen: Rittirong Boonmechote


  • Mitsubishi Corp. (6.2%)
  • Social Security Office of Thailand (4.5%)
  • Thai Union Group Public Co. Ltd. (2.4%)
  • CHAN TIN SHUE (1.4%)
  • Krungsri Asset Management Co., Ltd. (0.8%)
  • TISCO Asset Management Co., Ltd. (0.3%)

Contact Details

  • Website:
  • Address: 72/1 Moo 7, Sethakit 1 Road, Tarsrai Sub-district, Samut Sakhon, 74000, Thailand
  • Phone: +66.3.481.6500

Related Companies

  • Thai Union South East Asia Pte Ltd.
  • Thai Union Ingredients Co., Ltd.
  • Thai Union Group Venture
  • EHS Training & Services Co., Ltd.
  • Thammachart Seafood Retail Co., Ltd.
  • Thai Union Asia Investment Holding Co., Ltd. (Hong Kong)
  • Thai Union Online Shop Co., Ltd.
  • Thai Union China Co., Ltd.
  • Thai Union North America, Inc.
  • Thai Union EU Seafood 1 SA
  • Thai Union EU Seafood 2 S.A.
  • Thai Union Investment Holding Co. Ltd.
  • Bumble Bee Holdco SCA
  • Songkhla Canning Plc
  • King Oscar AS
  • PT Juifa International Foods Co. Ltd.
  • Thai Union Seafood Co., Ltd.
  • Thai Union Graphic Co., Ltd.
  • Thai Union FeedMill Public Co., Ltd.
  • Songkla Canning Public Co. Ltd.
  • T-Holding Co. Ltd.
  • Rugen Fisch AG
  • Tri-Union Frozen Foods Products LLC
  • Thai Union Numhong Co Ltd
  • COSI Trading Shanghai Co Ltd
  • Marine Biotech Co Ltd
  • Thai Marine Development Products Co Ltd
  • Sheffield Wednesday Football Club Ltd.
  • Thai Union Manufacturing Co., Ltd.
  • Songkla Canning Co., Ltd.


    Last Updated on 4 Oct, 2022

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