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. 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	THB	USD
Revenue	141,047.69M	4,405.50M
Gross Profit	25,070.14M	783.04M
Operating income	8,541.05M	266.77M
Income before tax	9,282.30M	289.92M
Net income	8,012.99M	250.27M
EBITDA	12,724.99M	397.45M
Diluted EPS	1.65	0.05
Dividends Per Share	0.95	0.02
Total Assets	166,604.04M	4,987.39M
Total liabilities	110,340.32M	3,303.10M
Total equity	53,369.38M	1,597.64M
Operating cash flow	4,540.79M	141.82M
	Currency in THB	Currency in USD

Historical Data

THB | USD

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 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 2017	Dec 2018	Dec 2019	Dec 2020	Dec 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
PER	11.76
ROA	5.15%
ROE	16.08%
Operating margin	6.05%
Profit margin	5.68%

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

Shareholders

Mitsubishi Corp. (6.2%)
Social Security Office of Thailand (4.5%)
NIRUTTINANON CHENG (4.2%)
CHANSIRI KRAISORN (3.6%)
CHANSIRI THIRAPHONG (3.6%)
CHANSIRI DISPOL (2.5%)
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:http://www.thaiuniongroup.com
Address: 72/1 Moo 7, Sethakit 1 Road, Tarsrai Sub-district, Samut Sakhon, 74000, Thailand
Phone: +66.3.481.6500

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Last Updated on 4 Oct, 2022