TU accounts: a paper loss in 2023, while the cash kept coming
Thai Union lost THB -13,933 million in 2023 after writing down its investment in Red Lobster, yet operating cash flow that year was a positive THB 11,241 million and the dividend continued. Its accounts show clearly how far net profit and cash can part ways.
| Price (THB) | P/E (x) | P/BV (x) | ROE | Payout | Dividend yield | 52-week position |
|---|---|---|---|---|---|---|
| 12.60 | 10.4 | 1.07 | 10.3% | 62% | 5.51% | 59% |
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 Thai Union does
Thai Union Group PCL makes and exports frozen and canned seafood, pet food and related products. Its overseas brands include Chicken of the Sea in the United States and John West in the United Kingdom; in Thailand it sells Sealect.
Revenue was THB 133,600 million in 2025, below THB 156,560 million in 2022.
Four years and the latest half-year
| Year | Revenue | Net profit | Gross margin | Operating cash flow | Cash after investing | DPS (THB) | Payout |
|---|---|---|---|---|---|---|---|
| 2022 | 156,560 | 7,138 | 17.5% | 5,871 | 456 | 0.84 | 57% |
| 2023 | 137,213 | -13,933 | 17.1% | 11,241 | 4,662 | 0.54 | – |
| 2024 | 139,571 | 4,985 | 18.5% | 14,525 | 7,963 | 0.66 | 61% |
| 2025 | 133,600 | 4,609 | 18.9% | 4,592 | 3,673 | 0.7 | 60% |
| H1 2026 | 66,329 | 2,377 | 19.8% | 5,010 | 860 | 0.4 | 65% |
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.
The 2023 loss involved no cash
In Q4 2023 the company booked an impairment of about THB 18,433 million on its Red Lobster investment, a one-off charge with no cash paid out.
An impairment lowers the value of an investment on the balance sheet without any money leaving the company. So 2023 showed a net loss, but operating cash flow was THB 11,241 million and the company paid THB 0.54 a share from that year's results.
Left in, the charge makes 2022–2025 net profit look like only THB 2,799 million in total, against THB 36,229 million of operating cash flow over the same years.
Margin up, debt up
Gross margin has risen every year, from 17.1% in 2023 to 19.8% in the first half of 2026. The company said Q2 2026 gross margin reached a record 21.4%.
Tuna prices move with the catch, so the company holds a lot of raw material. Fish bought when prices were high and sold after they fall squeezes gross margin for several quarters. Most revenue is in foreign currencies, so the baht can change profit even when volumes do not.
Debt to equity (D/E) rose from 1.07x in 2022 to 2.02x, nearly double, partly because the 2023 loss reduced equity.
Cash after investing against the dividend
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 Thai Union generated THB 16,754 million of cash after investing, more than the roughly THB 11,659 million paid in dividends. The payout from 2025 results was 60% of earnings per share.
Latest results and news
- 3 August 2026 · Q2 2026 sales of THB 33,845 million, up 1.4%, with a record 21.4% gross margin. The 2026 sales growth target was raised to 4–6% from 3–4% and the gross margin target to 19.5–20.5%. Interim dividend of THB 0.40 a share. ฐานเศรษฐกิจ
- The Q4 2023 Red Lobster impairment of about THB 18,433 million (USD 527 million) was a one-off, non-cash charge. THE STANDARD
Figures to watch next
- Days inventory outstanding (DIO): falling tuna prices while holding costly stock squeeze margin.
- The baht against the US dollar and the euro.
- Freight costs and import tariffs in major markets, which the company says rose in 2026.
- D/E: if it keeps rising, interest will absorb the gains from gross margin.
Questions
Did the Red Lobster loss affect the dividend?
It hit net profit but not cash, so the company still paid THB 0.54 a share from 2023 results, below THB 0.84 for 2022.
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.