In addition, the company’s total sales during first nine months this year achieved Bt344.8bn, up by 11% and net profit surged by 36% to Bt12.96bn.
Exports accounted for 68% of the company’s total sales, with its business in Vietnam showing significant growth.
Adirek Sripratak, president and chief executive officer, said the business took a major step towards reaching its international goals.
India a growth arena
CP Foods’ sales to China and Vietnam accounted for 39% of sales, making them core countries for the business to generate growth. The company also earmarked Russia, India and the Philippines as long-term business growth areas.
CP Foods’ domestic sales for the quarter improved on the same period last year. This performance was attributed to the domestic livestock business, particularly meats in domestic markets, returning to normal levels following an oversupply problem last year.
The company managed to reduce its financial costs during the quarter, resulting in net profits growing by 36% during the first nine months of the year.
CP Foods’ key business expansion strategy, moving forward, is to export business into countries where agri-business industry has high potential. In particular, the company can help developing countries to learn more on modern farming by implementing advanced technology to ensure production efficiency and high-quality meat.
The business is also still exploring business opportunities in developed countries, with investment in downstream processing and value-added foods. To help achieve this goal, it is focusing on mergers and acquisitions which it believes is faster than setting up a new plant.