Thai Wah Public Company Ltd (“TWPC”) announced its exceptional business achievement with record sales of over 10 billion baht in 2022, increased 14% percent from last year with strong sales growth across all markets with significant performance coming from its core Starch and Food Business in Thailand and Vietnam registering steady double-digit growth.
In 2023, the company expects to benefit from a rebound in consumer demand and domestic consumption attributed to the re-opening of China borders where TWPC is the current market leader in the B2B tapioca – food ingredient sector. TWPC will also continue to invest in renewable energy plans to counter the rising energy costs, and over the next 3 years will continue to expand its regional footprint to the broader Southeast Asia region for food, starch and specialty products.
As a Southeast Asia’s leading agri-food platform, TWPC operates in 5 countries across 15 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. Amidst the backdrop of challenges in terms of global geopolitics and environmental concerns, the company continues to deliver strong momentum in its core business performance by strengthening its core global sales and marketing, supply chain and digital capabilities.
Ho Ren Hua, Chief Executive Officer, Thai Wah Public Company Limited (TWPC) said “Designing and developing a very strong globally balanced portfolio has been a key cornerstone of our overall strategy since Covid started in March 2020. As one of the region’s few vertically integrated agri-food players from Farm to Shelf, we have spent the past 3 years preparing ourselves for post-Covid growth by strengthening our entire value chain capabilities and expanding all our supply chain and sales capabilities into global markets. As a result, we are ready to capitalize on this momentum going into a post-Covid era with a strong demand for consumer staples and affordable food products”.
“Looking ahead towards 2030, we continue to drive our ongoing transformation and move further and deeper into large consumer markets such as India, Indonesia and USA. We expect increased demand in China, which will recover following the country’s re-opening in 2023. The customer demand for global food solutions which are traceable, affordable and convenient is also more important than ever, and we are excited to continue to deliver with speed and scale.
Moreover, much of our strategy has been balancing and harmonizing our B2C and B2B customer portfolio across Thailand, China, Indonesia, Vietnam, Rest of the World and the demand for Thai Wah’s entire portfolio is stronger than that of the pre-Covid. We will continue to move fast and work diligently into 2023, spearheading new platforms with food and product innovation strategies. Our Instant Vermicelli product for example, is now the fastest growing as well in the region”.
Looking towards 2025, Thai Wah plans to significantly increase sales across Asia Pacific by expanding both its production, distribution and sales and marketing base from 15 to 20 locations, and continue to strengthen its operating capabilities in China, Vietnam, Cambodia and Indonesia. The company has doubled in profit and revenue since 2017 and has more than 20 new products launches throughout the Covid period, catering to global addressable market of food, starch, organic and sustainably sourced materials.
The milestone record of 10B baht sales represents a significant achievement for the company as one of the leading B2B plant based and agri-food companies in Asia.
“Agriculture and Food is inherently a global business, and with the looming challenges in global food security and climate change, we have a big responsibility to serve our global customers faster and better from this part of the world. Over the last 6 months, our traction in global sales and marketing has accelerated dramatically, and we now serve some of the world’s leading global brands and customers. We are uniquely and completely plant based from Farm to Shelf, and that resonates well with our global customers as a leading B2B Agri Food company in Southeast Asia. We will continue to strengthen our entire Southeast Asia platform from Farm to Shelf,” said Mr Ho.
TWPC was also selected among the top APAC corporates to receive the Steward Leadership 25 award known for its commitment to tackle existential challenges facing society today and also recognized in 2022 as one of the Best Companies to Work for by HR Asia.
TWPC is aggressively investing into renewable energy – with a target of more than 15 MW of renewable energy sourcing by 2025 as part of its long-term commitment to reduce its carbon footprint towards net zero and be cost-efficient as a major player.
Earlier in 2022, it launched its first new business into sustainable packaging. ROSECO launched by Thai Wah, is the world’s first and leading tapioca-based platform in bioplastics and sustainable packaging with a leading role in tackling the global plastics and climate change challenge from Southeast Asia. Furthermore, the company also plans to increase investment in high-value-added products, a business group that significantly contributes to Thai Wah’s growth.