Charoen Pokphand Foods (CPF) has registered Bt7.475 billion net profit in the third quarter of 2020, a 23 per cent increase from the same period last year. The income boosted 9-month earnings to Bt19.614 billion, up 36 per cent year on year. Earnings before interest, tax, depreciation and amortisation (EBITDA) jumped 87 per cent on year to Bt61.658 billion, the highest-ever in the company’s history.
Prasit Boondoungprasert, CEO of CPF, attributed the improved performance to an African Swine Fever (ASF) outbreak which led to pork shortages and boosted pork prices above last year’s level, as well as greater profitability of the aquaculture business in Thailand following adjustments in marketing strategies and business model.
Prasit said that CPF expected earnings growth to be sustained next year, due to business and capacity expansion in several countries. Pork prices may soften from this year’s level but would remain high, he added.
Meanwhile, CPF is set to start realising profits from its swine business in China, which is under the acquisition process following approval of minor shareholders in late August.
GSB wins Best Retail Bank of the Year award for fifth consecutive year
Nov 13. 2020
By THE NATION
Government Savings Bank (GSB) was named “Best Retail Bank of the Year 2020” and the “Best Bank in Deposit Aspect” after voting by attendants of the Money Expo this year.
The event is being held at Central Festival Hat Yai in Songkhla province until November 15.
The voting was organised by Money and Banking magazine and Suan Dusit Poll of Suan Dusit Rajabhat University.
The bank won the Best Retail Bank of the Year title for the fifth consecutive year. Most of the respondents said they chose GSB for its stability and attractive interest rates and other benefits.
“This year, GSB is focusing on becoming a social bank that promotes the savings habit as well as grants Thai people access to funding sources to help maximise their income potential,” said the bank. “We are proud to be an important part in developing the country’s grass roots economy and improving people’s quality of life.”
Earlier this week, GSB was rated “AAA” by TRIS Rating for the fifth year running. The country’s biggest state-owned lender was handed the highest credit status along with a “stable” outlook in Tris Rating’s latest report.
Industrial power producer BGrimm Power Plc (BGrim) reported a net profit of Bt1.24 billion in the third quarter, up 13 per cent from the previous quarter, the company said in a press statement.The continued increase in BGrim’s generation capacity, a sharp 28 per cent rebound in industrial power demand from the second quarter and continuous power plant optimisation have become key drivers to the rise in profitability, Chief Executive Officer Preeyanart Soontornwata said.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) “soared with a high margin of 30.4 per cent in the quarter, while the company’s financial position was solid with more than Bt20 billion in cash on hand”, the statement said.
However, BGrim’s pursuit of “natural hedge” by borrowing in foreign currencies to curtail income risk has resulted in an unrealised foreign exchange loss of Bt310 million in the third quarter, due to the baht depreciation against the US dollar, it said.
But such items are regarded as accounting expenses that do not affect cash flow but has nevertheless depressed BGrim’s net profit in the quarter to Bt859 million, Bt501 million of which is attributed to the parent company.
For the rest of the year, BGrim expects to see its electricity sales to industrial customers continue to show an upward swing.
The amount of electricity sold to industrial customers had already bottomed out in May this year and there has been a significant recovery since then, the statement said.
Sale volumes have largely returned to normal levels in September and October.
BGrim’s projects under construction have made significant headway, the firm noted.
Ray Power’s 39-megawatt solar power project in Cambodia and the Bo Thong Wind Farm 1&2 project with an installed capacity of 16 MW are moving towards commercial start-up sometime between the fourth quarter of 2020 and first quarter of 2021.
In addition, BGrim is proceeding with seven other co-generation facilities with a combined capacity of 980 MW, which are scheduled to come on line commercially between 2022 and 2023, according to the plan.
BGrim also aims meet its targeted power sales of 7.2 gigawatts by 2025, the statement added.
GSB handed triple-A credit status for fifth year in a row
Nov 11. 2020
By The Nation
The Government Savings Bank (GSB) has been rated “AAA” by TRIS Rating for the fifth year running. The country’s biggest state-owned lender was handed the highest credit status along with a “stable” outlook in Tris Rating’s latest report.
The rating reflects GSB’s legal status as a specialised financial institution (SFI) which is integrally linked with the government and plays a critical public policy role.
GSB offers new loans – for homebuyers and businesses
Nov 11. 2020
By THE NATION
The Government Savings Bank (GSB) will launch two loans – the GSB Housing Loan for homebuyers and GSB D-VERs for businesses at Money Expo 2020 to be held at Central Festival Hat Yai in Songkhla November 13-15, bank president Withai Ratanakorn said.
“The GSB Housing Loan is targeted at those who wish to buy, build, renovate or refinance their homes from other institutes,” he said. “Borrowers can buy life insurance and use it as collateral for the loan. The campaign offers 2.5 per cent interest in the first three years, after which the interest will be at a minimum retail rate [MRR] of -1.5 per cent. [GSB’s MRR is currently 6.425 per cent].
“The GSB D-VERs loan is designed to be a rotational fund for businesses to invest in fixed assets or refinance their property from other institutes,” Withai said. “Loans start from Bt1 million and go up to a maximum Bt100 million. Borrowers of less than Bt20 million can buy life insurance and use it as collateral and receive an interest of 3.99 per cent in the first year and 4.99 per cent in the second year.”
In case the borrowers use their assets as collateral at 100 per cent of the loan amount, they will receive an interest rate from the third year of +0.75 of the minimum overdraft rate [MOR] or minimum loan rate [MLR]. The bank’s current MOR is 5.995 per cent and MLR 6.15 per cent. Borrowers who use assets worth over 30 per cent of the loan as collateral will receive an interest rate of MOR or MLR at +1.25.
“GSB is also offering the ‘SMEs Start-up No1’ loan in celebration its 107th anniversary. Business owners with innovative ideas and strong business plans can apply for a maximum Bt10-million loan and buy life insurance as collateral,” added Withai. “Alternately, they can use assets worth more than half of the loan amount and receive 1.07 per cent interest in the first year and then MRR of +1.5 per cent interest throughout the contract.”
For more information, contact GSB booths at the expo or Call Center 1115.
Prudential donates Bt4.9 million to help four hospitals in fight against Covid-19
Nov 11. 2020
By The Nation
Prudential Life Assurance (Thailand) and Eastspring Investments, a leading Asia-based asset manager, have donated Bt4.9 million to four hospitals – the Golden Jubilee Medical Centre at the Faculty of Medicine Siriraj Hospital of Mahidol University, Vajira Hospital, Hat Yai Hospital and Priest Hospital.
The funds will be spent on building Airborne Infectious Isolation Rooms (AIIR) and Acute Respiratory Infection (ARI) Clinics in the hospitals to provide medical treatment to patients with respiratory diseases, including Covid-19. Prudential Thailand is also donating 2,500 face shields to help protect medical professionals and frontline health workers.
The Golden Jubilee Medical Centre is the first among the four hospitals to complete the construction. At the opening ceremony, top executives from Prudential Thailand including chief executive officer Robin Spencer, chief government relations officer Saipin Choaknumkij, chief customer officer Pasalaree Theerasas as well as representatives of Eastspring Investments, were welcomed by the execs of Golden Jubilee Medical Centre including managing director Assoc Prof Teera Kolladaruengkrai and vice director Somchai Dutsadeevettkul.
This donation is part of the Prudential Covid-19 Relief Fund, which provides financial support for Prudential’s communities and volunteering efforts of its people in Asia, the US and Africa against Covid-19.
“We have been battling the Covid-19 pandemic since early 2020. Although the situation in Thailand is under control, we should maintain vigilance and be prepared for the next potential wave of the pandemic. With our ‘We Do Health’ spirit, Prudential Thailand is committed to protecting the health and wellbeing of Thai people through supporting the building of medical infrastructure and service units and protecting frontline staff who are fighting against the pandemic. As a token of our appreciation and care, our employees have also teamed up to assemble face shields for frontline medical workers as part of our donation,” said Spencer.
Meanwhile, managing director of TMBAM Eastspring and Thanachart Fund Eastspring, said: “We believe that good wealth consists of two important elements – financial and health. When we are in good health, we will be able to enjoy a better quality of life and be more productive. Our management teams and staff fully support Prudential Thailand and the Golden Jubilee Medical Centre in the construction of the ARI Clinic to provide medical treatments against respiratory diseases such as Covid-19. This helps improve the well-being of our people and facilitate the overall recovery of the Thai economy.”
Somchai Dutsadeevettkul, vice director of Golden Jubilee Medical Centre said: “The ARI Clinic is key to treating patients with respiratory diseases, including Covid-19, and preventing medical personnel from possible infections while they perform their duties on the frontline. With support from Prudential and the Prudence Foundation, our hospital will also be able to strengthen our capacity and capability in providing medical services to our patients. As a public hospital, we are not only striving to provide medical treatments to all our patients, but to also make healthcare affordable and accessible, essentially to the lower income groups as part of the country’s renowned universal medical scheme.”
The treatment rooms at the other three hospitals – Vajira Hospital, Hat Yai Hospital and Priest Hospital – are currently under construction and due to be completed by next month.
Nov 11. 2020Heinz Oyster Andita Rasyid, head of marketing for Kraft Heinz Asean, with Jon Lor, managing director of Wonderfruit, and Chef Ton (Thitid Tassanakajohn) from Le Du.
By The Nation
Kraft Heinz poured 150 years of culinary expertise into Fruitfull at the Jim Thompson House Museum this past weekend. The Festival of Food, Sustainability and Culture saw Kraft Heinz collaborate with Michelin-starred chefs to serve up a fast-food Phantasia for Bangkok’s foodies.
At Mickey’s Diner, the classic Heinz ketchup was star of the show alongside the Heinz Dog, Ketchy Wurst, and Messy Biscuits, in a sell-out feast served up by Chef Chalee Kader from 100 Mahaseth. Meanwhile Chef Ton (Thitid Tassanakajohn from Le Du) teased more sophisticated palates with a special menu of Stir-Fried Pork with Heinz Oyster Sauce.
Krungsri, Grab enter nano-finance with loans for Grab driver-partners and merchant-partners
Nov 10. 2020
By THE NATION
Krungsri (Bank of Ayudhya Pcl and its business units) and Grab Thailand have unveiled a long-term collaboration on an exclusive basis, jointly introducing two nano-finance products for Grab driver-partners and Grab merchant-partners.
The move strengthens both parties’ strategic alliance after Mitsubishi UFJ Financial Group (MUFG) announced earlier this year that it would invest in Grab through MUFG Bank, MUFG Innovation Partners and Krungsri Finnovate, to co-develop innovative financial products and services to better cater to the financial needs of Grab’s driver-partners, merchant-partners and users.
Pairote Cheunkrut, Krungsri’s chief strategy officer, said: “Krungsri and Grab have entered into an exclusive long-term business agreement, jointly establishing three-year visions and strategies in expanding our customer base and delivering impressive customer experience. Through big data customer analytics and AI-powered data analysis, appropriate financial services will be delivered to customers via platforms they are using in daily activities, such as KMA, UChoose, GO by Krungsri Auto Application and Grab etc. In addition, Krungsri and Grab will continue to enhance competitive advantages to cover new market segments, while understanding, accessing and adding value for customers to make them part of the ecosystem built by Krungsri and Grab.”
As for the business expansion strategy, Krungsri and Grab are planning to extend their networks throughout the country.
Krungsri’s acquisition strategy would be implemented through the bank’s many campaigns and enhancing financial access for customers, the company said.
“Krungsri believes that the collaborations would help us achieve our targets in business expansion to cover diverse markets nationwide through the synergy of network strength and distinctive expertise of both parties. This would surely help drive the Thai economy, in particular the segment of small businesses which still need support for their access to financial products and services,” Pairote said.
Nov 09. 2020Prasit Boondoungprasert, CEO of CP Foods
By The Nation
Charoen Pokphand Foods (CP Foods) has announced it is cutting its deadline for paying suppliers to 30 days in an effort to boost their liquidity. The move covers 3,000-4,000 small and medium-sized enterprises (SMEs) and is aimed at helping them retain workers to stimulate economic recovery from the Covid-19 crisis.
Prasit Boondoungprasert, CEO of CP Foods, said the pandemic has caused unprecedented disruption in all business sectors, but especially SMEs, which are suffering cash-flow challenges.
In response, CP Foods and its sister brands CP, CP Freshmart and BK are shortening the payment period for suppliers to 30 days after reception of goods or services.
Prasit said the deadline already covered many CP Foods suppliers and would quickly be rolled out to cover all of them.
“This will enable their businesses to run smoother, protecting thousands of jobs across many related sectors as a consequence,” he said.
CP Foods operates agro-industrial and food businesses with 3,000-4,000 SME partners, mainly supplying raw materials, ingredients, packaging and products for its global business.
Huawei continues to strengthen ICT skills among youth through “Seeds for the Future” program
Nov 09. 2020
By THE NATION
The tech giant vows to prepare students for high-paying jobs in the rising digital market to contribute to Thailand’s ICT development.
Huawei Technologies (Thailand) Co., Ltd. recently held its annual “Seeds for the Future 2020” event in Bangkok to offer talented and motivated university students the opportunity to enhance their digital skills through a hands-on training program with leading ICT experts. A group of 15 students from Chulalongkorn University (CU), Kasetsart University (KU), King Mongkut’s Institute of Technology Ladkrabang (KMITL) and King Mongkut’s University of Technology Thonburi (KMUTT), were selected to participate in an exclusive five-day ICT course covering the fields of 5G, Artificial Intelligence (AI), Internet of Things (IoT), Cloud and Huawei Mobile Services (HMS).
Initiated in Bangkok in 2008, the Seeds for the Future program aims to help cultivate young talent, ensuring that the digitally-resilient young people have the skills and mindset needed to compete in the future work landscape. Every year over the past decade, 10 qualified Thai students were given a chance to go on a two-week ICT study trip to China, where they meet fellow students from 125 countries and explore first-hand Huawei’s state-of-the-art learning centers and facilities in Shenzhen and Beijing.
Due to the global pandemic, this year’s event was held locally at Huawei Thailand’s head office. The intensive week-long program included ICT courses live streamed from Huawei headquarters in Shenzhen, an extensive Chinese culture workshop, offline courses held exclusively at Huawei office and a comprehensive tour of Thailand 5G Ecosystem Innovation Centre (5G EIC) and Customer Solution Innovation and Integration Experience Center.
Experts on 5G, Cloud, Artificial Intelligent (AI), Internet of Things (IoT) and Huawei Mobile Services (HMS) shared industry insights as well as their personal experience in helping the country’s transformation using advanced technologies. Huawei also invited the team from Electronic Transactions Development Agency (ETDA) which under the Ministry of Digital Economy and Society. During this special session, the students listened to a presentation on the role of ICT technology in developing solutions and services for the e-commerce sector in Thailand.
The presence of Ajarin Pattanapanchai, Ministry of Digital Economy and Society Permanent Secretary, confirms Huawei’s alliance and commitment with the public sector. Because of its relevance and importance to Thai progress, the program has had the support of the Ministry for several years.
“The DES Ministry believes that ICT skills development is critical for today’s digital economy. Practical training programs will enhance the students’ ICT capabilities and broaden their horizon,” said Ajarin, during the graduation ceremony. “Huawei’s long-term mission to incubate young talent and unlock opportunities for sustainable growth is in line with ours. I would like to extend my thanks to the company for initiating the Seeds for the Future porgram and continuously contributing to Thailand’s digitalization that will drive the country towards Thailand 4.0.”
“Huawei is very proud to be part of Thailand’s development. With the mission of ‘Grow in Thailand, Contribute to Thailand,’ we stress our commitment to help Thailand become a digital hub in the Asia Pacific region. It is with great pride and joy that we continue to implement the Seeds for the Future Program because it helps promising, young ICT talent gain knowledge and skills about new technologies, and boost their career paths,” said Abel Deng, Huawei Thailand CEO, during his opening address.
As a prominent enabler and accelerator of digital transformation, Huawei has been investing heavily in cultivating ICT professionals and concentrating its efforts on supporting the development of the ICT ecosystem in Thailand. Over the past two decades, the company has been partnering with various government agencies to create effective ICT development models that bring benefits to society for decades to come. Through talent promotion programs such as the Seeds for the Future initiative, the company seeks to close the gap between knowledge learned in the classroom and the skills required by the industry. Huawei will continue to support and collaborate with the government to ensure sustainable economic and social development in Thailand.
Heinz Oyster Andita Rasyid, head of marketing for Kraft Heinz Asean, with Jon Lor, managing director of Wonderfruit, and Chef Ton (Thitid Tassanakajohn) from Le Du. 
Prasit Boondoungprasert, CEO of CP Foods 
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