Thai Wah delivers record sales in 1H2022, moves aggressively into Southeast Asia and Renewable Energy
As it celebrates its 75th Anniversary this year, Thai Wah Public Company Ltd (“TWPC”) delivered record sales in 1H2022 with a 19% increase in global sales and 5% increase in net profit.
As Southeast Asia’s leading Agri-Food platform, TWPC operates in 5 countries across 15 operations spanning a full product portfolio range of consumer food and food solution products, B2B starch and food ingredients as well as its new tapioca-bioplastic platform, ROSECO.
For the first half of 2022 – TWPC delivered strong sales growth across all segments of its business with significant performance coming from its core Food Business in Thailand and Vietnam registering high double-digit growth.
The launch of its new instant-vermicelli is now one of the fastest growing brands in Thailand this year, and sales in Vietnam will plan to double as the Company positions its product development strategy to develop a range of affordable, convenient and high-value consumer food products.
Ho Ren Hua, Chief Executive Officer, Thai Wah Public Company Limited (TWPC) said “Designing and developing a very strong globally balanced portfolio has been a key cornerstone of our overall strategy since Covid started in March 2020” noted CEO Ho Ren Hua.
“As one of the region’s few vertically integrated agri-food players from Farm to Shelf, we have been spending the last 3 years focusing on strengthening our entire value chain capabilities and localizing all our supply chain and sales capabilities into global markets. We continue to capitalize on this momentum going into a Post-Covid era with a strong demand for consumer staples and affordable food products,” he added.
A new series of ready-to-eat instant vermicelli products is now available across Thailand, and Song Long, its core flagship brand in Vietnam, is one of the fastest growing consumer noodle brands in the region.
For its B2B Starch and Ingredients Business – the Company continues its acceleration into high-value products, modified starches and organic tapioca now sourced from across the Southeast Asia region. Despite the Q2 lockdown in China, the Company continue to deliver strong volume growth despite supply chain disruptions, a testament to its deep sales and marketing capabilities across the Asia Pacific.
Looking towards 2025, Thai Wah plans to significantly increase sales across Asia Pacific by expanding both its production, distribution, and sales and marketing base from 15 to 20 locations, and continue to strengthen its operating capabilities in China, Vietnam, Laos, Cambodia and Indonesia.
The company has doubled in profit and revenue since 2017 and has launched more than 20 new products throughout the Covid period, catering to the global addressable market of food, starch, organic and sustainably sourced materials.
“Agriculture and Food are inherently a global business, and with the looming challenges in global food security and climate change, we have a big responsibility to serve our global customers faster and better from this part of the world. Over the last 6 months – our traction in global sales and marketing has accelerated dramatically, and we now serve some of the world’s leading global brands and customers. We are uniquely and completely plant-based from Farm to Shelf, and that resonates well with our global customers as a leading B2B Agri-Food company in Southeast Asia. We will continue to strengthen our entire Southeast Asia platform from Farm to Shelf,” said Ho.
In addition, Thai Wah will be aggressively investing in renewable energy - with a target of more than 50% using renewable energy sources by 2025 as part of its long-term commitment to reduce its carbon footprint towards net zero and be cost-efficient as a major player.
Earlier in 2022, it launched its first new business in sustainable packaging. ROSECO launched by Thai Wah, is the world’s first and leading tapioca-based platform in bioplastics and sustainable packaging with a leading role in tackling the global plastics and climate change challenge from Southeast Asia.