Thailand’s Charoen Pokphand Foods (CPF) anticipates its best performing year ever due to soaring pork prices and a recovery of chicken prices, according to the company’s CEO.
“This could be our best year… because pork prices are very good and chicken prices are recovering,” said Prasit Boonduangprasert, adding that an easing of lockdown measures will allow restaurants to open.
CPF, which operates in 17 countries and exports to more than 30 countries, reported a net profit of 6.11 billion baht (US$ 190 million) in the first quarter of 2020, up 43% year-on-year. The company also benefited from falling prices of raw materials such as corn.
CP Foods to chase overseas growth
Thai poultry giant CP foods has said it wants to expand into 17 new markets as it chases growth in 2020.
The company, which expects to invest about 20 billion baht (US$ 623 million), also plans to expand its delivery fleet to support distribution of ready-to-eat meals in Thailand from about 100 bikes to 500 bikes.