Charoen Pokphand Foods PLC (CPF) reported a Bt6,945 million net profit in the first quarter of 2021, a 14% increase from the same period last year.
The earnings growth was chiefly attributable to CPF’s emphasis on the efficiency of production, marketing and work processes; capacity expansion; as well as research and development that raises product added value and satisfy consumer preferences.
Mr. Prasit Boondoungprasert, chief executive officer of CPF, said that following the COVID-19 outbreak in early 2020, purchasing power has been declining across the globe. CPF tackled the challenge by strengthening preventive measures across the production and work processes, which helped limit impacts on the Company's business. CPF remained resilient also because of the emphasis on production cost efficiency. Digitization has been embraced to raise efficiency and add product value. Meanwhile, marketing channels have been adjusted to cope with changing situations, while the production capacity of in-demand products has been raised. As a result, CPF's operations in several countries have shown improvements. Notably, the operations in Thailand, Vietnam, the Philippines and Cambodia showed outstanding performance in the first quarter of this year and the performance is expected to remain impressive thereafter.
He added that CPF has maintained its focus on R&D and innovations, in search of new means to add value to its food products and satisfy consumer preferences. Marketing and sales strategies have been adjusted. CPF's food business showed impressive performance in the first quarter as health food items with nutritional values were launched and distributed in line with market conditions and consumer behaviors.
Prasit asserted that strict production standards played a key role in preventing business disruption. CPF set up the Covid-19 Monitoring and Management Center in early 2020 and enforced maximum safety standards. New measures have been added up for prevention at all dimensions, chiefly concerning the safety of workers who are at the heart of production and delivery of quality and safe food.
As a member of society, CPF launched “CPF Food from the Heart against COVID-19" in early 2020 and the project has been ongoing. Realizing the devotion of frontline medical personnel who are vehemently fighting against the disease, CPF has delivered safe food to medical personnel at hospitals and field hospitals across the country on hope that such act would further inspire them to proceed with their fight for the sake of all Thais, he concluded.
