Thai Union upbeat on 2020 despite hit to Red Lobster profits
CFO Joerg Ayrle says company’s debt profile could improve further notwithstanding its stock repurchase programme, but higher margins shouldn’t mislead investors
Seafood producer Thai Union Group is having a better 2020 than it had feared just a few months ago, when the food-and-beverage industry virtually froze up.
The Thailand-based global producer of “Chicken of the Sea” and “King Oscar” brands of canned seafood has this year cut debt, generated more cash, increased sales and expanded profit margin. It did this while navigating the dark days of Covid-19 even as the pandemic weighed on demand for frozen seafood products and helped spill red ink over the financial performance of Red Lobster, the global seafood restaurant-chain in which Thai Union holds a 49% stake.
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