TFG accounts: profit follows chicken and pork prices, and so does the dividend
Thaifoods Group's profit moves with chicken and pork prices: a loss of THB -812 million in 2023, a profit of THB 7,441 million in 2025, the best of the period, and a slowdown in the first half of 2026. The dividend follows the same cycle.
| Price (THB) | P/E (x) | P/BV (x) | ROE | Payout | Dividend yield | 52-week position |
|---|---|---|---|---|---|---|
| 9.30 | 8.7 | 2.49 | 30.9% | 65% | 7.38% | 69% |
Price at the midday break on 12 October 2026. Other ratios are Stock Exchange of Thailand statistics at the previous trading day's close. 52-week position: 0% is the low of the range, 100% the high.
What Thaifoods Group does
Thaifoods Group PCL produces and sells fresh, chilled and frozen chicken and processed chicken products, raises and sells pigs, makes animal feed and runs its own retail shops.
Revenue was THB 73,358 million in 2025, up 11%.
Four years and the latest half-year
| Year | Revenue | Net profit | Gross margin | Operating cash flow | Cash after investing | DPS (THB) | Payout |
|---|---|---|---|---|---|---|---|
| 2022 | 52,692 | 4,722 | 19.0% | 4,410 | 270 | 0.4 | 48% |
| 2023 | 56,323 | -812 | 6.8% | 3,226 | -13 | 0.03 | – |
| 2024 | 66,007 | 3,144 | 13.4% | 10,501 | 9,421 | 0.3 | 56% |
| 2025 | 73,358 | 7,441 | 20.6% | 13,315 | 10,065 | 0.7 | 55% |
| H1 2026 | 36,309 | 3,522 | 20.2% | 3,851 | 1,452 | 0.31 | 52% |
Money in THB million, consolidated. Cash after investing = net cash from operating activities + net cash from investing activities. Dividends per share are counted in the year of the results they were paid from. Payout = dividend per share ÷ earnings per share. The half-year row covers January to June 2026 only.
Meat prices matter more than volume
Gross margin was lowest at 6.8% in 2023 and highest at 20.6% in 2025. The main cost is feed, such as maize and soybean meal, while selling prices depend on how many animals are on the market and on disease. When the two move in opposite directions, profit changes very fast.
Q2 2026 net profit of THB 1,474 million was below Q1's THB 2,047 million, and pig and broiler prices fell in late September and early October 2026.
Cash from the good years went to cutting debt
In 2024 and 2025 operating cash flow of THB 10,501 million and THB 13,315 million exceeded net profit, while net financing cash flow was THB -5,261 million and THB -9,825 million: the company used part of the cash to repay debt and pay dividends.
Debt to equity (D/E) fell in every period, from 2.44x in 2023 to 1.34x at 30 June 2026.
Accounting standards measure livestock still being raised at fair value where it can be measured. If the accounts show fair-value adjustments on biological assets, strip them out before judging operating profit: they are gains with no cash behind them yet.
A dividend that follows the cycle
The company pays several times a year. Dividends from 2025 results totalled THB 0.7 a share, 55% of earnings per share; in loss-making 2023 it paid only THB 0.03 a share.
Cash after investing here is net operating cash flow plus net investing cash flow, which covers both capital spending and investments in other companies. Over 2022–2025 cash after investing of THB 19,743 million exceeded dividends of about THB 8,490 million.
Latest results and news
- 11 August 2026 · Q2 2026 revenue of THB 18,601.84 million and net profit of THB 1,474.46 million, gross margin 18.45%. Retail revenue rose 29.45% on more stores. Interim dividend of THB 0.225 a share (ex-dividend 24 August 2026). Posttoday
- Q1 2026 net profit of THB 2,047.09 million. มิติหุ้น
- 2 October 2026 · Weekly farm prices for 28 September–2 October 2026: pig and broiler prices fell. กรุงเทพธุรกิจ
Figures to watch next
- Weekly farm-gate pig and broiler prices.
- Maize and soybean meal prices, the feed costs.
- Fair-value adjustments on biological assets.
- D/E: in a bad year, low debt makes losses easier to get through.
Questions
Why is TFG's dividend uneven?
Profit follows cyclical chicken and pork prices and the dividend follows profit: high in good years, low in loss years. 2023 paid THB 0.03 a share against THB 0.7 for 2025.
Read next
Financial statements, dividends and share counts are from the Stock Exchange of Thailand website; price and ratios are as of the date on the page; news is from the linked sources. Figures do not update automatically.
Note: this explains how to read a listed company's accounts. It is not a recommendation to buy or sell any security, it sets no valuation or target price, and its author is not a licensed investment adviser. Check the latest information and weigh your own goals and risks before investing.