Charoen Pokphand Foods PCL (CPF), headquartered in Bangkok, Thailand, has posted total sales of bt136.353 billion ($4.097 billion, U.S.) in the second quarter this year, up 8% compared with the same period last year.

Overseas sales accounted for a 16% increase, but CPF’s sales dropped 5% domestically. At present, the company’s overseas operations in 16 countries accounted for 68% of total sales, while domestic sales accounted for 27% and exports from Thailand 5%.

The top three markets generating main revenue included Thailand (32%), China (26%) and Vietnam (16%). These markets account for 74% of CPF’s total sales.

In the second quarter, CPF’s year-over-year net profit jumped 45% to Bt5.894 billion and skyrocketed 93% compared with the first quarter of this year. The improved net profit largely resulted from Vietnam’s performance bounce-back to a more normal state.

Sooksunt Jiumjaiswanglerg, chief executive officer for Agro-Industrial Business and co-president of CPF, said the company’s performance has been affected by an oversupply of pork and chicken meat in Vietnam. The price problem also affected Thailand in the middle of last year. However, those prices have since become better aligned with costs. Particularly, pork prices in Vietnam have corrected to a more normal level, which was an important factor to improve second-quarter results, the company said.

The higher prices are projected to carry into next year. Pork and chicken prices have been rising continuously since the first quarter. The higher prices will also be a factor in spurring better operating results for the remainder of the year, the company said.

CPF said the currency crisis in Turkey, which accounted for 3% of its total sales, is unlikely to affect its performance because the operation in Turkey is now focusing on domestic consumption. Moreover, the company said it made some improvement in its financial structure in early 2018. Therefore, the decline in Turkish currency may result in more exports.

Sooksunt said CPF’s vision is to become the “Kitchen of the World” by providing safe, high-quality products that are fully traceable back through product chains. Moreover, the company supports efficient resource consumption as well as takes responsibility for social developments based on good corporate governance.

The CPF board of directors convened Aug. 10 and approved an interim dividend payment from the operating results of the 2018 first half at Baht 0.35 per share. The record date for the right to receive the dividend will be Aug. 29, and the dividend payment will be made Sept. 7.