Thai Union Group Raises Annual Forecasts After Record Profits

Thai Union Group raised its full-year sales and gross profit forecasts on August 3 after reporting record-high results for the second quarter. The seafood company now expects annual sales to increase between 4% and 6%, an upward revision from its previous projection of 3% to 4%. The company also increased its annual gross margin forecast to a range of 19.5% and 20.5%.

Second-quarter sales reached Bt33.85bn, representing a 1.4% increase, while the company achieved a record gross margin of 21.4%. This growth was primarily driven by value-added businesses, ambient seafood, and pet-care, with the latter seeing particularly strong demand across Europe and the United States. Operating profit for the quarter rose 12.6% to Bt2.15bn.

Despite the operational gains, net profit dipped 0.7% to Bt1.26bn due to higher tax expenses. The company's leadership noted that the current performance is already in line with 2030 targets, contributing to a dividend payout increase of more than 14%.