Thai Wah Unveils Ambitious 2024 Business Direction Toward Global Agri-Food Leadership, Capitalizing on Agri-Food Innovation and Scaling New Business Platforms

Economy News Thursday April 18, 2024 15:44 —PRESS RELEASE LOCAL

Thai Wah Unveils Ambitious 2024 Business Direction Toward Global Agri-Food Leadership, Capitalizing on Agri-Food Innovation and Scaling New Business Platforms

Thai Wah Public Company Limited (TWPC), a leader in Southeast Asia's agriculture and food sectors for over 76 years, proudly announced its business achievement with record sales exceeding 10 billion baht in 2023. The company unveiled its strategic roadmap to emerge as a global agri-food leader by 2030, demonstrating an unwavering commitment to innovation and sustainability. Thai Wah has set forth an array of transformative initiatives for the year 2024 and beyond.

In 2023, Thai Wah celebrated notable achievements, firmly establishing itself as one of the top-performing food businesses in Southeast Asia. Key highlights include tripled export growth over the past 5 years, a consistent 7% Compound Annual Growth Rate (CAGR) in the food business, and successful expansion of its new factory in Cambodia and office in India. Notably, the company more than doubled sales growth in China and Indonesia, coupled with innovative product launches contributing to substantial revenue and profit boosts. Thai Wah's specialty starch business recorded over a 25% profit growth from its high-value-added portfolio.

Moreover, Thai Wah has been recognized for its Environmental, Social, and Governance (ESG) efforts. Accolades include the SET A ESG rating, acknowledgment from the SAI Platform for sustainable farming initiatives, and hosting the 2nd SEA Agri-Food Roundtable in Bangkok.

"Designing and developing a very strong globally balanced portfolio has been a key cornerstone of our overall strategy," said Mr. Ho Ren Hua, Chief Executive Officer of Thai Wah Public Company Limited (TWPC). "As one of the region's few vertically integrated agri-food players from Farm to Shelf, we are ready to capitalize on this momentum going forward with strong demand for consumer staples and affordable food products."

Moving Toward Leadership in Global Agri-Food

In 2024, Thai Wah commits to further expanding its core food business by introducing new products to meet evolving customer needs, aiming for a 20% contribution to the overall business. The company will undergo a portfolio transformation, focusing on expanding its high-value-added and organic ingredients portfolio.

In terms of business growth engines, Thai Wah continues to scale new businesses, targeting a growth of 1 billion baht by 2030. The focus extends to building Ag Bio solutions through the Thai Wah Sustainable and Regenerative Farming Model, driving decarbonization in Southeast Asia. Sustainable bioplastics solutions will be extended to new channels and applications, with target markets in Thailand, Europe, and South Korea. The company's new business is in line with its commitment to a net-zero target by 2050 and will catalyze regenerative agriculture and sustainable food systems in APAC.

Furthermore, Thai Wah pledges to contribute to a resilient agri-food ecosystem by supporting sustainable farming practices in Southeast Asia, aiming to impact over 1 million farmers in the region by 2030. Thai Wah has achieved the silver-level certification from the Sustainable Agriculture Initiative (SAI) platform for cassava farms in Thailand and Cambodia, marking a significant milestone in farmland sustainability assessment.

"With these strategic initiatives, Thai Wah is resolute in its goal to emerge as a leading Global Agri-Food Business by 2030, contributing to a sustainable and thriving future for the agri-food industry worldwide. Thai Wah remains committed to innovation, sustainability, and the well-being of the communities in which we operate," added Mr. Ho Ren Hua.

As Southeast Asia's leading agri-food platform, TWPC operates in 7 countries across 17 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. Thai Wah's diverse portfolio includes tapioca starch and starch-related products, modified starch, glucose syrup, tapioca pearl, and rice flour. They also offer a variety of food products, ranging from bean vermicelli, rice noodles, and rice vermicelli to pearl, meal kits, and instant noodles. Thai Wah's products are distributed to local and international markets, spanning more than 40 countries.

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