Thai Union Group PCL. is one of the world’s largest seafood companies that deliver seafood products with innovation, high product quality, delicious taste, and health benefits to consumers for more than 48 years. The company owns a portfolio of leading brands in various markets around the world and has a global sourcing, production, and distribution network. Thai Union’s core businesses include (1) Ambient, (2) Frozen, (3) PetCare, and (4) Value-added. With corporate sustainability goals, Thai Union has a long-term commitment to be the most trusted seafood leader and conservation of natural resources for future generations.
| 3M25 | 3M24 | 2024 | 2023 |
|---|
| Revenues | 29,976.95 | 33,467.86 | 139,570.53 | 137,212.85 |
| Expenses | 28,887.69 | 31,682.40 | 131,266.41 | 129,241.14 |
| Net Profit (Loss) | 1,019.25 | 1,153.07 | 4,984.89 | -13,933.21 |
| Assets | 158,168.92 | 162,035.30 | 154,912.37 | 165,450.32 |
| Liabilities | 101,939.21 | 97,764.43 | 98,599.69 | 99,433.08 |
| Shareholders' Equity | 48,451.75 | 56,780.01 | 48,635.02 | 58,628.23 |
| Operating | 248.48 | 1,314.74 | 14,525.21 | 11,241.45 |
| Investing | -4,213.31 | -3,224.07 | -6,561.54 | -6,578.86 |
| Financing | 1,920.06 | -4,737.68 | -13,854.11 | -2,404.67 |
| EPS (Baht) | 0.24 | 0.24 | 1.08 | -3.15 |
| GP Margin (%) | 18.84 | 17.28 | 18.51 | 17.06 |
| NP Margin (%) | 4.11 | 4.21 | 4.35 | -9.62 |
| D/E Ratio (x) | 1.81 | 1.52 | 1.75 | 1.51 |
| ROE (%) | 9.22 | -20.10 | 9.29 | -20.01 |
| ROA (%) | 5.13 | 5.15 | 5.62 | 4.66 |
On April 2, 2025, the U.S. government announced a 10% import tariff on all countries, effective April 5. Thai Union, being directly impacted by this policy, has revised its 2025 guidance to incorporate a full-year scenario under the 10% tariff. The Company targets sales growth of 1–3% year-over-year, a gross profit margin of approximately 18.0–19.0%, and SG&A expenses in the range of 13.5–14.0%. There is no change to the effective interest rate, while total planned capital investment remains at approximately THB 3.0–3.5 billion, with a commitment to maintain a dividend payout ratio of at least 50%.
However, Thai Union’s global footprint—spanning the U.S., Ghana, Seychelles, Poland, Norway, Vietnam, and Thailand—positions the Company well to manage potential disruptions. The Company continues to monitor the situation closely and engage key partners to assess impacts and develop response strategies.
- TU has been recognized as one of the world's most sustainable companies in the food products industry, ranking in the top 1% of the S&P Global Sustainability Yearbook.
- Sales declined 10.3% YoY, driven by a 6.9% YoY drop in organic sales from weaker Ambient, Frozen, and Value-added categories, while PetCare saw moderate growth. FX had a negative 3.4% YoY impact.
- GPM remained strong at 18.8%, a record high for Q1, driven by improved margins in Ambient and Feed.
- Adjusted operating profit (excluding transformation costs) was THB 1,199mn, down 24.7% YoY due to lower sales and higher marketing spend.
- Adjusted net profit (excluding transformation costs) rose 8.9% YoY to THB 1,317mn; reported net profit was THB 1,019mn.
- Continued close monitoring of environmental volatility, especially global trade developments.
Thai Union reported sales of THB 29,789mn, down 10.3% YoY, mainly from lower organic sales and FX headwinds. Gross profit was THB 5,611mn (–2.3% YoY), while GPM improved to 18.8%, a record high for the first quarter, driven by Ambient and Feed businesses. SG&A rose 12.0% YoY to THB 4,710mn from higher marketing and transformation costs, bringing SG&A-to-sales to 15.8% (14.8% excluding transformation costs). FX gains fell to THB 26mn, and other income declined due to a high base last year. Share of profit from JVs increased to THB 291mn, mainly from Avanti. Finance costs decreased to THB 585mn, and a one-off tax credit of THB 422mn was recognized. Reported net profit was THB 1,019mn; adjusted net profit rose 8.9% YoY to THB 1,317mn, supported by a THB 422mn deferred tax credit.
- Japan Credit Rating (JCR) affirmed TU’s “A” ratings with a stable outlook, maintaining the same level as last year.
- Thai Union has secured a landmark USD 150mn (approximately THB 5bn) Blue Loan from the Asian Development Bank (ADB), a first for the seafood industry in Thailand. The milestone sets a new benchmark for sustainable finance in aquaculture, reinforcing Thai Union’s commitment to responsible sourcing, sustainable seafood production, and climate resilience.
The Company fosters a robust risk culture at all levels of the organization globally, recognizing effective risk management and mitigation as fundamental to sustainable business operations. This commitment is underpinned by a well-defined governance structure, comprehensive risk policies, and an integrated risk management framework. Risk considerations are systematically embedded into strategic planning, investment evaluations, financial forecasting, and day-to-day operations, including areas such as new product development, food safety, and the prevention of fraud and corruption. For 2025, the Company has identified key risk factors including U.S. trade tariffs, adverse macroeconomic conditions, foreign exchange volatility, geopolitical instability, supply chain disruptions, commodity price fluctuations (particularly in tuna and shrimp), and increasing cybersecurity threats.
| as of 31/03/25 | TU | FOOD | SET |
|---|---|---|---|
| P/E (X) | 8.97 | 12.30 | 15.78 |
| P/BV (X) | 0.92 | 1.26 | 1.10 |
| Dividend yield (%) | 6.19 | 4.86 | 4.37 |
| 31/03/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 48,560.95 | 57,916.73 | 69,826.99 |
| Price (B/Share) | 10.90 | 13.00 | 15.00 |
| P/E (X) | 8.97 | - | 14.87 |
| P/BV (X) | 0.92 | 1.00 | 0.89 |
· A with stable outlook (rated by JCR)