Winai Teawsomboonkij’s Thaifoods Group, a prominent integrated chicken and pork producer in Thailand, faced significant challenges in 2023 due to pork smuggling and high feed costs. This resulted in the company reporting a net loss of 813 million baht, its first since 2015. However, the first-quarter earnings for 2024 exceeded analysts’ expectations, thanks to a government crackdown on illegal imports. Chief operating officer Phet Nantavisai expressed confidence that Thaifoods would return to profitability in 2024, driven by its rapidly growing retail sales.
Thaifoods Group ventured into the retail business in 2020 by opening its first Thaifoods Fresh Market. By the end of 2023, the company had expanded to 350 stores, with retail sales accounting for 31% of revenue, a significant increase from just 4% in 2021. The company aims to further expand its retail presence and reach between 600 and 700 stores by the end of 2025. Despite facing challenges and experiencing a decline in shares, CEO Winai, who founded Thaifoods with a single chicken farm in 1987 and still holds a majority stake, remains focused on growth and success.
The struggles faced by Thaifoods Group in 2023 had a direct impact on the net worth of CEO Winai, which fell by 13% to $630 million. This decline came after the company’s shares took a hit last year but have since shown signs of recovery. Winai’s journey from a humble chicken farm to leading a successful integrated poultry business demonstrates his resilience and determination to overcome challenges. Despite the setbacks, Winai remains optimistic about the future of Thaifoods and is committed to steering the company back to profitability in the coming years.
The government crackdown on illegal pork imports has helped Thaifoods Group regain momentum and improve its financial performance. With a focus on expanding its retail presence and increasing sales, the company is poised for growth and success in 2024. The shift towards retail sales has proven to be a strategic move for the company, with the segment contributing significantly to overall revenue. As Thaifoods continues to innovate and adapt to market demands, it is well-positioned to capitalize on opportunities and overcome challenges in the competitive poultry industry.
Thaifoods Group’s resilience in the face of adversity reflects the leadership of CEO Winai and the dedication of its team. By investing in retail expansion and diversifying revenue streams, the company has been able to navigate tough market conditions and position itself for future success. As Thailand’s economy continues to recover from the impacts of the pandemic, companies like Thaifoods are essential players in driving growth and creating employment opportunities. With a clear strategic vision and a commitment to excellence, Thaifoods Group is poised to emerge stronger and more competitive in the years to come.
