Mr. Prasit Boondoungprasert, CEO of CP Foods, reflected on the company's improved performance, acknowledging the challenges faced in the previous year. He noted the significant cost escalations and market saturation in several countries, driven by an unexpected decline in consumer purchasing power. Nevertheless, these difficulties prompted the company to prioritize efficiency and prudent investment practices, leading to the divestment of partial assets to bolster operational effectiveness. Additionally, there was a concerted focus on research and development to innovate and add value to products in response to consumer demands, particularly in the realm of nutritious and healthy products. Moreover, strategies in marketing, sales, and distribution channels were adjusted to better align with market dynamics and changing consumer preferences.
In the first quarter of this year, the company realized a notable surge of 142%, especially in its overseas operations in Vietnam and Cambodia, propelled by the expansion of sales channels and the increase in pig prices. Additionally, the company witnessed improved profits from joint ventures and enhanced performance from CPALL and the swine business in China. It is anticipated that CP Foods' performance will continue to strengthen consistently throughout the remaining quarters of 2024.
Source: Charoen Pokphand Foods