Thai Union’s Q1 sales up 16%, backed by seafood

Thai Union Group reported sales of USD 1.05 billion in Q1 2022, up 16.5% yoy, driven by sales increase in ambient seafood, frozen and chilled seafood, pet foods, and value-added products. Ambient seafood sales rose 14.3% yoy, thanks to higher tuna sales in the US, Europe, and Asia. Frozen and chilled seafood sales grew 14.2% yoy, boosted by higher prices and a recovery in foodservice businesses. However, its net profit dropped 3.2% yoy to USD 50.5 million, pressured by higher costs, forex loss, and freight rates.