Thai Union Group Public Co. Ltd.

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See more articles on 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. is engaged in the manufacture and sale of frozen, chilled, and canned seafood. It operates through the following business 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 on March 17, 1988 and is headquartered in Samut Sakhon, Thailand.

Financial Highlights

Dec 2019	THB	USD
Revenue	126,275.24M	4,067.51M
Gross Profit	19,566.29M	630.26M
Operating income	4,491.35M	144.67M
Income before tax	3,836.74M	123.58M
Net income	3,918.32M	126.21M
EBITDA	8,182.22M	263.56M
Diluted EPS	0.79	0.02
Dividends Per Share	0.47	0.01
Total Assets	141,909.04M	4,737.60M
Total liabilities	96,063.77M	3,207.06M
Total equity	42,473.51M	1,417.96M
Operating cash flow	10,313.33M	332.20M
	Currency in THB	Currency in USD

Historical Data

THB | USD

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019
Revenue	124,904.26M	134,375.11M	134,937.26M	133,284.63M	126,275.24M
Gross Profit	19,591.93M	19,486.37M	18,864.72M	18,408.67M	19,566.29M
Operating income	8,668.67M	6,943.62M	5,089.29M	4,011.33M	4,491.35M
Income before tax	8,018.62M	6,520.32M	6,225.55M	4,225.51M	3,836.74M
Net income	6,388.39M	5,526.38M	6,275.51M	3,969.30M	3,918.32M
EBITDA	11,394.84M	9,926.61M	7,850.10M	7,000.24M	8,182.22M
Diluted EPS	1.13	1.10	1.25	0.68	0.79
Dividends Per Share	0.63	0.63	0.66	0.40	0.47
Total Assets	110,911.20M	142,365.46M	146,091.81M	141,916.08M	141,909.04M
Total liabilities	62,941.40M	94,929.52M	98,040.42M	95,422.03M	96,063.77M
Total equity	45,216.22M	43,242.67M	44,283.65M	43,233.47M	42,473.51M
Operating cash flow	14,246.93M	6,644.44M	5,479.30M	11,946.32M	10,313.33M

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019
Revenue	3,644.42M	3,808.75M	3,976.51M	4,122.98M	4,067.51M
Gross Profit	571.64M	552.32M	555.93M	569.44M	630.26M
Operating income	252.93M	196.81M	149.97M	124.08M	144.67M
Income before tax	233.96M	184.81M	183.46M	130.71M	123.58M
Net income	186.39M	156.64M	184.93M	122.78M	126.21M
EBITDA	332.47M	281.36M	231.33M	216.54M	263.56M
Diluted EPS	0.03	0.03	0.03	0.02	0.02
Dividends Per Share	0.01	0.01	0.01	0.01	0.01
Total Assets	3,082.15M	3,975.52M	4,482.71M	4,358.60M	4,737.60M
Total liabilities	1,749.10M	2,650.88M	3,008.29M	2,930.65M	3,207.06M
Total equity	1,256.52M	1,207.54M	1,358.81M	1,327.80M	1,417.96M
Operating cash flow	415.69M	188.33M	161.47M	369.54M	332.20M

Valuation Measures

Dec 2019
PER	16.88
ROA	2.76%
ROE	9.14%
Operating margin	3.55%
Profit margin	3.10%

Key executives

President, Chief Executive Officer & Director: Thiraphong Chansiri
Group Chief Financial Officer: Joerg Ayrle
Director, President-Global Frozen & Related Units: Rittirong Boonmechote
Executive Director & Group Director-HR: Shue Chung Chan
Global Director-Corporate Affairs & Sustainability: Darian May McBain

Shareholders

Mitsubishi Corp. (7.2%)
BBL Asset Management Co., Ltd. (5.6%)
CHANSIRI THIRAPHONG (5.3%)
NIRUTTINANON CHENG (4.2%)
Social Security Office of Thailand (4.1%)
CHANSIRI KRAISORN (3.6%)
CHANSIRI DISPOL (2.5%)
CHANSIRI PORNNAPA (2.2%)
GIC Pte Ltd. (Investment Management) (1.7%)
CHAN TIN SHU (1.4%)

Contact Details

Website:http://www.thaiuniongroup.com
Address: 72/1 Moo 7, Sethakit 1 Road, Tambon Tarsrai, Samut Sakhon, 74000, Thailand
Phone: +66.3.481.6500

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Competitors

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Last Updated on 23 Sep, 2020