Charoen Pokphand Foods (CPF) reaped TBT7.475 billion (US$247.6 million) in net profits in the third quarter of 2020, a 23% increase from the same period last year. The income boosted nine-month earnings to TBT19.614 billion, which grew 36% on year.
Earnings before interest, tax, depreciation and amortization (EBITDA) jumped 87% on the year to Bt61.658 million, the highest-ever in the company’s history. Major contributors were the African swine fever (ASF) as well as greater profitability of the aquaculture business in Thailand. CPF’s Thailand aquaculture business enjoyed greater profitability, due to the new business model and strategies that focus more on domestic demand. A bright future is anticipated for the aquaculture business in Thailand and abroad. Prasit said CPF expected earnings growth to be sustained next year, due to business expansion and capacity expansion in several countries. CPF is consequently convinced that 2021 earnings will remain satisfactory.