Thai Wah Group (TWPC) has announced a strong start to 2025, with its first-quarter core operating profit jumping by over 50% year-over-year to 171 million baht, and net profit soaring by more than 77% to 117 million baht. This impressive performance, built on strategic high-margin segment focus and cost efficiencies, coincides with the launch of its ambitious “Thai Wah 2030” roadmap, signaling a new era of growth, innovation, and sustainability for the leading food and agri-food player in the Asia-Pacific region.
Bangkok, Thailand – Thai Wah Group Public Company Limited (TWPC), a prominent name in the food and agri-food industry, today unveiled its Q1 2025 financial results, showcasing a significant turnaround in profitability and a bright outlook for the future. Despite a persistently challenging global economic environment, the company has demonstrated remarkable agility and resilience. For the first quarter ending March 31, 2025, Thai Wah reported total sales reaching 2,299 million baht and an impressive EBITDA of 285 million baht, translating to a healthy 12% margin.
The standout figures were the core operating profit, which surged by more than 50% year-over-year to 171 million baht, and a net profit that closed at 117 million baht, marking an increase of over 77% compared to the same period last year. This robust performance is attributed to a meticulously executed strategy focusing on higher-margin segments, rigorous cost optimization, and significant improvements in operational efficiency across the board. The company’s Food business continues its steady growth trajectory, buoyed by the successful launch of new Ready-to-Eat (RTE) products and the sustained growth of its core product portfolios in key markets like Thailand and Vietnam. Further strengthening its regional footprint, a strategic partnership with Fuji Nihon Corporation is set to support Thai Wah’s expansion into the burgeoning APAC food ingredient markets.
Unveiling “Thai Wah 2030”: A Blueprint for Future Growth and Sustainability
Coinciding with the strong financial disclosure, Thai Wah Group has also pulled back the curtain on its ambitious “Thai Wah 2030” Transformation Plan. This long-term strategic roadmap is designed to propel the company towards greater growth, foster innovation, and champion sustainability within the global food industry. The core tenets of this vision involve strengthening its existing core businesses, strategically reinvesting in high-growth opportunity areas, and pioneering sustainable practices to meet the dynamically evolving demands of global food consumers.
This forward-looking strategy builds upon a solid foundation of consistent growth. Since 2020, Thai Wah’s Food, High-Value Applications (HVA), Vietnam operations, and Ready-to-Eat (RTE) businesses have all achieved steady double-digit growth over the past five years, a testament to the company’s enduring market strength and strategic acumen. Under the Thai Wah 2030 vision, the Group remains steadfastly committed to its core values of innovation and sustainability, intending to leverage its diversified product portfolio to deliver exceptional and sustained value to its shareholders.
The “Thai Wah 2030” vision is built upon three fundamental strategic pillars:
First, Accelerate Portfolio Transformation: Thai Wah has set a bold target to double its Food and High-Value Applications (HVA) portfolio by the year 2030. This will be achieved by sharpening its focus on top-performing product categories and pursuing strategic geographical diversification. A key component of this pillar is the expansion of its product offerings beyond its well-known noodles to encompass a wider array, including rice paper, sweet potato noodles, fresh and dry vermicelli, bean sheets, instant pouches, fresh and dry rice noodles, organic noodles, and a variety of other innovative ready-to-eat and ready-to-cook solutions. Critically, the company aims to significantly serve the burgeoning $1 trillion APAC sustainable food sector. This involves repositioning its offerings to cater to the escalating consumer demand for healthier options, clean-label products, gluten-free alternatives, and non-GMO foods. This strategic shift towards higher-value and premium products is anticipated to drive improvements in both EBITDA and net margins.
Second, Geographical Expansion: Thai Wah is strategically broadening its presence in high-growth regions and market segments. These include promising markets in the Middle East, Europe, the wider APAC region, and China, among other key global locations. The company’s ambition is to establish itself among the top three market leaders within its key product categories in these target countries by 2030. This will be pursued by strengthening customer intimacy and fostering collaborative partnerships, driven by accelerated innovation. While headquartered in Bangkok, Thai Wah’s operational footprint now spans 7 countries, with 10 dedicated operations in sales, marketing, distribution, and supply chain, ensuring greater reach and speed in serving its diverse customer base.
Third, Driving Cost Excellence to Maximize Margins: Thai Wah’s foundational starch business continues to be a strong driver of cash profitability. The company is relentlessly focused on enhancing productivity and streamlining processes across its entire value chain. Several programs have been initiated with the specific aim of maximizing margins. These include optimizing supply chain costs, improving manufacturing process efficiency, and strategically leveraging technology to unlock significant additional value.
The company’s HVA business model is characterized by its strong integration, from meticulous procurement of raw materials to efficient distribution. Thai Wah boasts one of the most robust B2B food sales and distribution networks across the Asia Pacific, with established offices in India, Indonesia, and, most recently, the Philippines. These HVA products, along with customized solutions in starch and novel food ingredients, are pivotal in driving both speed and scale for the company. Thai Wah’s HVA customer base has now expanded to over 100 clients globally.
Leadership Perspective: Navigating the Future with Agility and Innovation
Mr. Ho Ren Hua, Chief Executive Officer of Thai Wah Group, commented on the company’s trajectory and future ambitions: “By 2030, we aim to be a leading food company in Asia, driving innovation and sustainability in every aspect of our business with scale and speed.” He further elaborated on the current market dynamics, stating, “Given the current context of the global environment with higher tariffs and a slower economy, the need for businesses to stay agile, resilient, and responsive is crucial. We play a key part in the meals of our Asian consumers and driving food security across the region. Our Sales, Marketing, and Distribution capabilities are significant across both B2B and B2C food products, and we continue to launch more than 10 new products per year.”
Despite the prevailing challenging economic climate, Thai Wah remains resolutely committed to delivering sustainable growth and creating lasting value for its stakeholders. The company is sharply focused on accelerating its food portfolio development and implementing comprehensive cost efficiency initiatives. These measures are expected to yield significant savings and drive enhanced profitability, with a clear target of achieving a steady-state annualized EBITDA of 1 billion baht from next year onwards and maintaining this momentum towards 2030. Underscoring its commitment to its workforce, Thai Wah was recognized in 2024 as one of HR Asia’s Best Companies to Work For, marking the third consecutive year the company has received this prestigious award.
A Legacy of Excellence and a Future of Innovation
Founded in 1947, Thai Wah has evolved from its pioneering origins into a recognized market leader in the food ingredients and noodles industries. Through strategic expansions and acquisitions across Southeast Asia, the company has consistently delivered stable sales revenues of 10 billion baht over the past three years, exporting its diverse range of products to over 35 countries worldwide. Thai Wah’s unwavering commitment to quality and innovation throughout its 77-year history has solidified its reputation as a premium heritage brand, renowned for excellence and forward-thinking in the competitive food sector.
For further information about Thai Wah Public Company Limited (TWPC) and its “Thai Wah 2030” vision, please visit the official website at https://www.thaiwah.com.
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