Covid constraints impact CPF’s 2021 earnings

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CPF’s net profit dropped 50% year-on-year (yoy) to USD 401.5 million in 2021, as Covid-19 impacted businesses in Thailand and Vietnam. Covid-19 crushed consumer purchasing power and raised CPF’s expenses. A 20% decline in swine prices in Vietnam and higher feed production costs and raw material prices reduced its gross profit margin to 13% from 18% in 2020. Sales revenue fell 13% yoy to USD 15.8 billion. Nevertheless, CEO Prasit Boondoungprasert expects business performance to improve this year, backed by economic recovery, and increased consumption.

Joint-Editor, Asian Meat Magazine and Meat Insider, Bangkok, Thailand. The African swine fever hitting the pig industry in Thailand as kept Payungsak busy, writing, ‘Support required for small-scale pig farms affected by ASF’ for the Pig Health Monitor.