THAILAND – Thai Union Group, a major player in the global seafood industry, has revealed a new transformation plan aimed at significantly boosting its earnings and sales.
Dubbed Strategy 2030, the company intends to increase its net sales to US$7 billion by 2030, more than double its projected US$3.9 billion in 2024.
In parallel, the owner of brands like John West, King Oscar, and Chicken of the Sea is targeting an increase in earnings before interest, taxes, depreciation, and amortisation (EBITDA) to between US$700 million and US$800 million by 2030, up from approximately US$400 million in 2024.
The company said the strategy is essential for achieving its long-term goal of becoming the global leader in marine health and nutrition.
The plan is built around three main pillars designed to drive growth in revenue, margins, and EBITDA.
Central to the approach is a focus on revitalizing the company’s core operations, including branded ambient, chilled products, and feed.
The company also plans to expand into growing sectors like pet care, frozen foods, culinary products, and ingredients, which it expects to generate profitable growth beyond 2030.
In addition, Thai Union will explore new technologies and innovative ideas, such as aquaculture ecosystems and alternative proteins, as part of its strategy.
The company’s growth agenda will also include organisational changes, talent development, cost management, streamlined manufacturing, and enhanced digital capabilities.
Two new initiatives, Project Sonar and Project Tailwind, are central to the plan.
Project Sonar aims to generate annual savings of US$75 million by 2026, with 40% of those savings being reinvested into the business.
Meanwhile, Project Tailwind is focused on increasing annual operating profits in the PetCare division by US$50 million starting in 2027.
For the third quarter of 2024, Thai Union reported a 2.7% increase in sales, reaching US$1.01 billion, compared to US$984 million in the same period the previous year.
The company saw strong demand in ambient, pet care, and value-added product categories.
Gross profit rose by 9%, reaching US$6.79 billion, while EBITDA increased by 8.4%, totaling US$3.65 billion.
Net profit rose 4.4% to $1.4 billion.
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