NRF anticipates a 50% improvement in performance in the second half of the year and has acknowledged the benefits of depreciation. NRF also profited from its investment in Tofurky and is preparing to work on "BOTANY,” the pet food company.

19 July 2022

NR Instant Produce Public Company Limited (NRF) is confident that its performance in the second half of the year will increase by 50% after achieving 612 million baht of total revenue in Q1/2022. The Chief Executive Officer confirmed that the business was unaffected by the depreciation of the Thai baht, which was a benefit for the company. And also revealed investment deals in "Tofurky," propelling plant-based food to the top four in the United States. After the legalization of cannabis was announced, the business was prepared to fully enter the medical hemp and marijuana industries. And keep going forward with the goal of creating a "Global Clean Food Tech Company" in the future by running a sustainable business and combating global warming with food.

Mr. Dan Pathomvanich, Chief Executive Officer of NR Instant Produce Public Company Limited, or NRF, revealed that the company is continuing to strengthen all business groups in order to drive performance in 2022 and has confidence that revenue will rise by 50%. In the first quarter of 2022, the company earned more than 612 million baht in total revenue, which is considered to be the highest growth in company history despite the impact of economic problems both at domestic and abroad.

NFT expedites to create growth opportunities in its business groups, including;

1. Plant-Based Food Business Group: The Plant-Based Food Business Group has closed an investment deal in Turtle Island Food (TIF) under the Tofurky brand and positioned NRF as the No. 4 plant-based food product in the US. This investment is an opportunity to expand the company's distribution channels for plant-based food because the Tofurky brand is being sold in more than 27,000 locations across the United States. This deal is expected to be completed within the next two months. Regarding investment progress with Innobic, "alt.Eatery," the first plant-based community store, which has now opened on the Sukhumvit line to meet the lifestyle of modern consumers who care about their health and the environment, has received better feedback than expected and has plans to expand branches in the future.

2. Ethnic Food Group: Ethnic Food Group currently benefits from Thai-baht depreciation in the second half of the year, resulting in higher margins. Along with the improved transportation scenario, a 70% decrease in container costs allowed consumers to start placing more orders for products.

3. The Functional Product Group: The Functional Product Group prepares to continue the operation through GTH, a subsidiary of NRF, by holding 75% of shares after the government announces cannabis legalization on June 9, 2022. NRF intends to raise the S-curve again, anticipating an upside surprise from GTH in the second half of the year, in order to meet the overwhelming demand for hemp-marijuana products under GTH at this time in order to further develop and develop medical products under the law. This is intended to promote leading position in Thailand's hemp-marijuana industry.

4. Pet Food Product Group: This product group is an investment in Botany Petcare Co., Ltd. to operate a pet food business by holding a 66.7% stake, worth 36 million baht, through City Food Co., Ltd., a subsidiary of NRF, which has already started producing pet snacks. The revenue results are expected to be known in the second half of the year, with NRF accounting for 10% of revenue.

NRF's Chief Executive Officer added that NRF's business plan will result in higher-than-expected revenue growth this year. There are also plans to open new deals to buy technology that will help reduce greenhouse gas emissions in the world and build carbon storage plants in Thailand and the United States after studying the possibilities. NRF will remain committed to a visionary business plan that includes using food to combat global warming and being ready to take the company to the next level with clean energy food technology, aiming to be a sustainable food industry that includes the development of decarbonization to reach “Zero Carbon Emissions” by 2050.