Betagro Public Company Limited or "BTG" unveiled its 2024 strategy to drive its business, aiming for stable and sustainable growth by expanding production capacity, adjusting product portfolios and distribution channels, and focusing on cost management. As part of the strategy, the company is also reinforcing its business strength with new executives and driving its operations under the ESG framework towards sustainability for all stakeholders. It set a target of 5-10% growth in 2024.
Mr. Vasit Taepaisitphongse, Chief Executive Officer and President of Betagro Public Company Limited (BTG), revealed that the company has set its 2024 strategy to drive its business towards "Thailand's leading integrated food company dedicated to enriching people's lives with better food." Betagro will grow steadily and sustainably through 4 core businesses such as Agro Business, Protein and Food Business, International business, and Pet Business. Moreover, Betagro appointed new visionary and experienced executives to enhance organization capabilities following fast-paced globalization under the ESG (Environmental, Social, Governance) framework.
Betagro aims to achieve 5-10% growth in operational results for the year 2024 under 3 key strategies:
- Capacity Expansion Strategy by focusing on continuous investment in new feed mills, animal farms, and food processing plants, as well as upgrading existing facilities with modern technology to enhance production efficiency. This year, a new feed mill in Chachoengsao Province, a new feed mill in Laos, and a pet food factory in Lopburi Province are ready for operation.
- Product & Channel Mix Adjustment Strategy by strategically choosing and fine-tuning both product offerings and distribution channels. The goal is to effectively cater to customer needs and behaviors. This means refining existing products or creating new ones, while also selecting the most suitable distribution channels to efficiently meet market demands. Ultimately, the aim is to maximize long-term profitability by aligning with customer satisfaction and business objectives.
- Cost Transformation Strategy by focusing on enhancing product quality and productivity, as well as increasing the company's profitability through improving efficiency in various aspects, such as livestock productivity management and transportation efficiency.
In addition, the company has strengthened its business to confront new challenges by bring in new executives, led by Ms. Dulaya Phuangthong, Chief Financial Officer, Ms. Genevieve Siriwan Finet, Chief Human Resources Officer, Mr. Chayadhorn Taepaisitphongse, Chief Strategy and Innovation Officer, Mr. Somsak Boonlap, Chief Operating Officer -Livestock Production, and Mr. Paitoon Jiranantarat, Chief Operation Development and Supply Chain Officer.
The company has also set the mission for business sustainability under the ESG (Environmental, Social, and Governance) framework, with five strategies 1) Giving priority to food quality and safety; 2) Managing climate change; 3) Developing communities; 4) Developing packaging for sustainability; and 5) Occupational health and safety.
In 2023, the company encountered several challenges driven by external factors. These included low pork meat prices due to illegal imports and rising production costs caused by increased prices of animal feed raw materials. Additionally, the slower recovery of both the global and Thai economies had an impact on the company's revenue and profits. Overall, the company's products and services generated 108,638 million baht in revenue, representing a 3.5% decrease compared to the same period last year, resulting in a net loss of 1,398 million baht.
Despite the challenges, Betagro's robust capital position has enabled it to maintain a debt-to-equity ratio of 0.97. This achievement is underscored by an "A" credit rating from TRIS, which reflects the company's stable status and solid foundation for future business growth and opportunities.
"Betagro is confident that under the 2024 strategy and its commitment to becoming 'Thailand's leading integrated food company dedicated to enriching people's lives with better food', it will take an important step towards creating stable and sustainable growth for Betagro. This commitment extends to all stakeholders, including consumers, trade partners, employees, communities, society, and the environment, who grow and sustain with us," Mr. Vasit said.
Source: MT Multimedia