NRF is a manufacturer, supplier and distributor of seasonings, ready-to-eat meal kits, recipe mixes, plant-based foods, instant beverages and water.
| 3M25 | 3M24 | 2024 | 2023 |
|---|
| Revenues | 798.80 | 958.99 | 4,075.69 | 3,154.96 |
| Expenses | 933.50 | 833.54 | 4,075.66 | 2,976.15 |
| Net Profit (Loss) | -188.11 | 62.53 | 55.51 | -56.55 |
| Assets | 6,437.07 | 6,483.01 | 6,551.35 | 6,523.44 |
| Liabilities | 3,918.72 | 3,517.41 | 3,831.22 | 3,594.01 |
| Shareholders' Equity | 2,469.68 | 2,937.82 | 2,667.55 | 2,885.65 |
| Operating | 10.46 | 173.39 | 463.58 | 94.96 |
| Investing | -8.62 | -11.82 | 20.84 | -497.18 |
| Financing | -26.09 | -12.54 | -464.01 | 74.79 |
| EPS (Baht) | -0.13 | 0.04 | 0.04 | -0.04 |
| GP Margin (%) | 23.12 | 32.50 | 28.98 | 33.70 |
| NP Margin (%) | -23.98 | 7.17 | 1.95 | -1.72 |
| D/E Ratio (x) | 1.56 | 1.19 | 1.41 | 1.23 |
| ROE (%) | -7.22 | -0.66 | 2.00 | -1.93 |
| ROA (%) | 0.70 | 3.26 | 4.85 | 2.41 |
The Company remains committed to executing its 2023–2026 corporate strategic plan, which focuses on core business growth and effective portfolio management to enhance organizational resilience amid short-term economic volatility and to build long-term competitive advantage.
Environment
In recognition of its commitment to efficient GHG management, in 2025 the Company was certified as a “Climate Action Leading Organization: CALO” by Thailand Carbon Neutral Network (TCNN). This achievement highlights the Company’s leadership in GHG management and its dedication to sustainable climate solutions. It also demonstrates the Company’s active contribution to reducing environmental impacts and its commitment toward becoming a Net Zero GHG emissions organization in the future.
Social
NRF recognizes the importance of human rights and has implemented a Diversity, Equity and Inclusion (DE&I) Policy for all its activities, including employees, products, and services under control, such as the business unit, subsidiaries, and joint ventures. And support the United Nations’ Sustainable Development Goal 2 (Zero Hunger), which aims to end hunger, achieve food security and improved 1 nutrition, along with the continuous intention to be a social contributor by promoting universal access to safe food, the Company has collaborated with the Scholars of Sustenance Foundation (SOS) to donate surplus food to vulnerable groups and forest rangers. These food donations support conservation efforts by providing meals to rangers working to protect our natural resources.
Good Governance
NRF published annual report (56-1 One Report) that disclose our performance on Environment, Social and Good Governance in 2024. NRF was selected for five stars in Governance under National CG Committee from Thai Institute of Directors and NRF received a 2-star certification as a member of the Thai Private Sector Collective Action Against Corruption (CAC) in 2022-2025.
The Company Launching 2 newest flavors from the brand "Por Kwan": Crunchy Chili Finger Root in Rice Bran Oil and Crunchy Chili Onion Mala in Rice Bran Oil, created to meet the consumption trend of seeking new flavors and unique dining experiences while adhering to quality and health concepts. Both new flavors have been researched and developed by NRF's R&D team, which specializes in local Thai ingredients and has a deep understanding of modern consumer behavior, to perfectly complement a variety of dishes. At THAIFEX – ANUGA ASIA 2025, held between 27 – 31 May 2025.
In the first quarter of 2025, NR Instant Produce Public Company Limited (“the Company”) reported sales revenue of THB 785.6 million, representing a 13.5% year-on-year (YoY) decrease, mainly due to the divestment of the e-commerce business in Q3/2024, a slowdown in orders from the U.S. market driven by tariff uncertainty under former President Trump’s policy stance, the appreciation of the Thai Baht, and internal financial constraints that limited the Company’s ability to meet customer demand. On a quarter-on-quarter (QoQ) basis, revenue also declined by 12.8%.
The QoQ decline was primarily attributed to softened sales in the Ethnic Food segment, which dropped by 23.7%, and the Pet Food segment, which decreased by 10.3%, following a strong performance from both segments in Q4/2024.
Nevertheless, the Pet Food business remained robust, achieving YoY growth of 34.5%, supported by strong demand in both domestic and international markets. The Own Brand segment also posted 9.5% growth QoQ, while the supermarket business in the United Kingdom, operated under the Chuanglee Group, continued on a positive growth trajectory, with sales increasing by 7.6% QoQ.
NRF is a leading sustainability focused producer and global distributor of ethnic and functional foods. Drives our Purpose to provide ‘Food for Generations’.
Risk management is one of the important work systems of an organization, especially in today's world of uncertainty. Risk management is therefore an important strategies that everyone in the organization should pay attention to and participate in. To prevent and avoid risks that may damage the organization, the company is utilizing the COSO ERM 2017, is the basis for managing enterprise risks.
- CGR of Thai Listed Companies 2024 – level or 5 stars, ranked in the Top Quartile 1 group with a total score of 103
- BEST CEO EXCELLENCE IN SUSTAINABLEFOOD BUSINESS PRACTICES from Bangkok Post
- Thailand’s Best Managed Companies 2023 from Deloitte
- Wins the Most Innovative Sustainable Food Producer award from the Global Brand Awards 2024, reaffirming its position as a sustainable food producer.
- Wins CALO, the leading organization in greenhouse gas management for 2 consecutive years .
- Wins prestigious award at UN Women 2024 Thailand WEPs Awards, reaffirming its success in transparency and reporting, and driving the organization towards gender equality.
- Carbon Neutral Organization 2023 Certificate
- Carbon Footprint for Organization 2023 Certificate
- ESBN Green Deal 2023 – ‘Silver’ Badge.
| as of 31/03/25 | NRF | FOOD | SET |
|---|---|---|---|
| P/E (X) | 12.00 | 12.30 | 15.78 |
| P/BV (X) | 0.25 | 1.26 | 1.10 |
| Dividend yield (%) | - | 4.86 | 4.37 |
| 31/03/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 666.30 | 1,290.07 | 7,442.70 |
| Price (B/Share) | 0.47 | 0.91 | 5.25 |
| P/E (X) | 12.00 | 52.59 | 128.16 |
| P/BV (X) | 0.25 | 0.46 | 2.48 |
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