“Thai Union Group” (TU) reported a 10.9% decrease in net profit in 2022 to 7,138 million baht due to losses in the seafood restaurant business “Red Lobster”, contrary to the main business of processed seafood. and pet food with growing revenues Board of Directors approved to propose shareholders to consider dividend payment of 0.44 baht/share, XD sign posted on 3 March 2023.
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Thai Union Group Public Company Limited or TU annual performance report 2022 The company had a net profit of 7,138 million baht, a decrease of -10.9% from the previous year, and sales revenue of 155,586 million baht, an increase of +10.3%. The main factor was the loss from the Red Lobster restaurant business. United States and the cost of restructuring the Rügen Fisch plant in Germany.
Gross profit in 2022 increased to 27,206 million baht or 5.8% from the previous year. and the gross profit margin is 17%.
Pet food business revenue increased +48% y-o-y Value-added products and others business revenue increased +15.6% y-o-y Processed seafood business Revenue increased +12.8% from the previous year.
The company realized gains from exchange rates at 800 million baht, a decrease of -16.5% from the previous year due to the large volatility of the baht against the US dollar throughout the year 2022.
Including recording share of loss from Red Lobster business equal to 1,207 million baht, an increase of 1,029 million baht or +578% from the previous year.
While other income was 919 million baht, a decrease of -49.9% from the previous year. This was due to a drop in interest on Red Lobster’s preferred shares.
Selling and administrative expenses were 19,156 million baht, an increase of +9.6% from the previous year due to the impact of higher transportation costs.
While only in the fourth quarter of 2022, the company had a net profit of 1,238 million baht, a decrease of -35.9% from the same period last year. and had sales revenue of 39,613 million baht, an increase of +2.9% from the same period last year.
As of December 31, 2022, the company had total assets of 182,569 million baht, an increase of +9.6% from the previous year, and total liabilities of 94,438 million baht, a decrease of – 9.5% from the previous year, while the amount of cash and equivalents Cash at the end of 2022 was 13,029 million baht.
Net debt to equity ratio of 0.54 times at the end of 2022 compared to 0.99 times in 2021.
Board of Directors Resolved to propose to the shareholders’ meeting to pay dividends at the rate of 0.44 baht per share, determine the rightful person on March 7, 2023 (XD sign posted on March 3, 2023) and pay dividends on April 27, 2023.
