NR Instant Produce PCL. (“NRF”), a leading manufacturer and exporter of food and seasoning, reported 2021 operating performance hitting new high; total sales revenue of 2,100 million Baht with 49.1% growth, net profit of 221 million Baht, grown by 78% and normalized net profit of 318 million Baht, increased by 26.2% YoY. NRF’s Board of Directors approved to propose dividend payment rate of 0.041 Baht per share, XD on 28 April 2021. NRF employs strategy to thrive the business to become global plant-based platform via organizational restructuring. Also, NRF to increase its capabilities to become a leader of Specialty Food Manufacturer.

Mr. Dan Pathomvanich, Chief Executive Officer of NR Instant Produce Public Company Limited (NRF) which manufactures, supplies, and distributes seasoning, ready-to-eat products, and plant-based food, and convenience food and beverage products, mentioned the 4/2021 operating performance in which the Company has sales revenue of 664 million Baht, grown by 51.7% compared to revenue in Q4/2020 which was 438 million Baht mainly due to revenue recognition of City Food, BOOSTED NRF Corp., and Indeem Group. Net profit of 123 million Baht and normalized net profit of 140 million Baht were increased by 249.4% YoY and 65.5% YoY respectively due to capital gain from partial divestiture of GTH in Q4/2021.

In terms of 2021 operating performance, the Company has sales revenue of 2,100 million Baht, grown by 49.1% YoY, in which sales revenue in 2020 was 1,408 million Baht. Net profit of 221 million Baht (124 million Baht in 2020) and normalized net profit of 318 million Baht (252 million Baht in 2020) were increased by 78% YoY and 26.2% YoY respectively. EBITDA of the Company was 559 million Baht, increased by 84.5% YoY. The 2021 operating performance was the highest in the historical records in spite of the spread of COVID-19 as the Company effectively managed and mitigated the impact on its operations. Apart from the COVID-19 pandemic, the Company continues to be impacted by the shipping container shortage. However, the Company has been monitoring and supporting its customers, collectively developing mitigation plan for short, medium, and long-term in order to stabilize and improve the situation which is anticipated to be improved in the second half of 2022.

With the strong operating performance, ethnic and specialty food businesses account for 77% of sales due to increase in revenue from existing OEM customers in all regions except Asia, mainly from Recipe Mix and seasoning products as well as consolidated revenue from City Food and started revenue recognition from pet food business (Botany Petcare Co., Ltd.), ecommerce business accounts for 18% of sales due to revenue recognition from BOOSTED NRF Corp. selling products under 3 brands; Prime Labs, SOL Trading, and WellPath as well as Indeem Group and functional product business accounts for 1% of sales mainly from disposal of V-shape machine and equipment. Furthermore, the Company recognized capital gain from partial divestiture of GTH and gain on sales of soymilk business including exchange gains.

The Chief Executive Officer of NRF added that, last year, NRF drove company to grew progressively and emphasize the market position of plant-based leader via organizational restructuring which established subsidiaries in the United States, the Netherlands, and Hong Kong. The Company aims to increase competitive capabilities in global market and to support future investment which is consistent with the growth direction of plant-based food market. In Q4/2021, Nutra Regenerative Protein Company Limited (NRPT), a joint venture between Innobic (Asia) Company Limited and Nove Foods Company Limited, entered into joint venture between NRPT and Plant And Bean UK in the proportion of 51%and 49% respectively to set up Plant & Bean (Thailand) to pursue the objective of manufacturing plant-based products to consumers and food entrepreneurs. The joint venture plans to construct the plant-based factory in Thailand by applying innovative technology from the United Kingdom with expected capacity of 3,000 tons per year. The factory is expected to design and construct in 2022 in order to expand business to be a major player in global plant-based market.

In addition, the Company increases capabilities to become a leader of Specialty Food Manufacturer by selling 25% of Golden Triangle Health Company Limited (GTH) shares to Australis Capital Inc. (AUSA), a leading cannabis-focused company in the United States. Partnership with AUSA leads NRF to increase competitive capabilities in hemp market, to develop strategic plans to be a leading hemp company in Thailand, and to have competitive advantages in exports and domestic consumption. The Company anticipates that hemp industry tends to grow significantly because of post-legalization of cannabis. Thus, the Company is able to derive the benefit of knowhow, expertise and innovation in both harvesting and production as a partner of AUSA. This contributes to increase potential of GTH in producing hemp products. In Q4/2021, GTH opened Hemp House which is a health-oriented lifestyle brand. The first branch of Hemp House is at The Emquartier department store with key uniqueness of CBD-based healthy food and beverage.

To return shareholders who trust in NRF’s potential, Board of Director’s meeting dated 28 February 2022 approved to propose the Annual General Meeting of Shareholders for year 2022 to consider dividend payment based on 2021 operating performance at the rate of 0.041 Baht per share with XD on 28 April 2022 and the dividend shall be paid on 20 May 2022.