Profits up

PPT is not a regular reader of Successful Farming, but one of its recent stories did catch our attention. That story reports that “Thailand’s largest agribusiness Charoen Pokphand Foods Pcl (CPF) expects to have its best year ever due to soaring pork prices and plans to expand in North America…”.

Yes, that’s the CP where its ruling clan has headed rich lists in Thailand for years. Its the CP that had Suphachai Chearavanont, chief executive of Charoen Pokphand (CP) Group, hailing “the prime minister’s gesture as a smart move” when Gen Prayuth Chan-ocha begged for help from Thailand’s billionaires. It is the same CP that had multi-billionaire Dhanin Chearavanont “urging the government to relax lockdown measures and welcome foreign travellers as soon as possible, and turn the country into a ‘safe haven’ for wealthy visitors.”

It is a reminder of how some benefit greatly from a crisis as pork and other food prices soar. One of CP Food’s bosses boasted:”This could be our best year … because pork prices are very good and chicken prices are recovering and an easing of lockdown measures will allow restaurants to open…”. Ah, yes, and if the tourists Dhanin wants back come, think of even higher profits. And, CPF profits from some falling prices, like corn.

CPF “reported a net profit of 6.11 billion baht ($190 million) for January-March, up 43% from a year earlier and a record high quarterly profit due to high pork prices in Vietnam and Cambodia.” We can but wonder if CPF actually pays taxes somewhere in the world.

Clipped from Prachatai

An earlier virus – African swine fever – means that CP is boosting investment in Canada so it can export pork to China and other parts of Asia that have soaring prices. And, in Thailand, the junta/post junta regime is depending on Thailand for its only economic idea: the Eastern Economic Corridor.

Life is good, and the hope for CP remains that its “helping the nation” propaganda hides its profit(eering).