Once Plagued By Pork Smuggling, Thai Swine Producer Sees Profit In Store Expansion

This story is part of Forbes’ coverage of Thailand’s Richest 2024. See the full list here.

Battered by pork smuggling and high feed costs, Winai Teawsomboonkij’s Thaifoods Group reported a net loss of 813 million baht ($22 million) last year, its first since 2015, as swine prices fell by nearly a third. Earnings in the first quarter were better than analysts expected, however, after a government crackdown on illegal imports.

Chief operating officer Phet Nantavisai told investors in June he’s confident Thaifoods will return to profit in 2024, supported by its fast-growing retail sales.

The integrated chicken and pork producer opened its first Thaifoods Fresh Market in 2020 and had 350 stores by end-2023, when retail accounted for 31% of revenue, up from 4% in 2021. It aims to have between 600 and 700 stores by end-2025.

While shares have recovered somewhat after dipping last year, the net worth of CEO Winai, who founded Thaifoods with one chicken farm in 1987 and still holds a majority stake after listing it in 2015, fell 13% to $630 million.