Betagro (BTG)
Betagro (SET: BTG) is the Thai-listed mid-scale integrated agro-industrial group controlled by the Taepaisitphongse family. FY2024 revenue THB 114.94B (+5.3% YoY); net profit THB 2.47B reversing FY2023's THB 1.40B loss. Vertically integrated across feed, breeding, growing, processing and distribution. At roughly one-fifth of CPF's scale, Betagro is the second integrated operator in Thai poultry-pork and the dominant mid-tier benchmark. IPO at THB 40 in 2022 raised THB 17.4B.
Snapshot
Headline numbers a buyer checks first.
FY2024 revenue
THB 114.94B
FY2024
+5.3% YoY
FY2024 net profit
THB 2.47B
FY2024
Reversed FY2023 THB 1.40B loss
IPO raise
THB 17.4B
2022
SET: BTG, IPO price THB 40
Employees
~30,000
FY2024
Across feed, farm, processing
What this company actually does
Betagro (SET: BTG) operates an integrated agro-industrial chain spanning animal feed production, breeding, contract farming, slaughterhouse processing and cold-chain distribution. Core protein categories are chicken, pork and eggs; the group also produces pet food, value-added processed meats and pharmaceutical veterinary products. FY2024 revenue of THB 114.94B reflects +5.3% growth, and the net profit recovery to THB 2.47B reversed the FY2023 loss year caused by elevated feed costs and supply-chain disruptions.
Vs CPF the group is approximately one-fifth scale; vs GFPT it is roughly six times larger and materially broader because Betagro covers both pork and eggs alongside poultry. The 2022 IPO at THB 40 raised THB 17.4B earmarked for capacity expansion and debt repayment. The Taepaisitphongse family retains a controlling stake post-IPO.
FY2024 financial snapshot
Revenue
THB 114.94B (+5.3% YoY)
FY2024 revenue grew from $3.16B in FY2023. Growth driven by poultry volume recovery and price normalisation in pork after feed-cost peak.
Net profit
THB 2.47B — loss reversal
FY2023 net loss of $40.6M reversed to $71.6M profit in FY2024 as corn and soybean feed costs declined and chicken export pricing firmed.
Market cap
~THB 55–65B range
Traded on SET since 2022 IPO at $1.16. Market cap fluctuates with feed-cost cycle and protein price expectations. Major free-float institutional investor base post-IPO.
Capital deployment
THB 17.4B IPO proceeds
2022 IPO raised $504.3M for slaughterhouse, feed-mill and processing-plant capacity expansion plus balance-sheet debt repayment. Expansion programme largely complete by FY2024.
Competitive scale comparison: Thai integrated agro-industrial
FY2024 revenue estimates. Betagro positions in the mid-tier gap between CPF and pure-plays.
Ticker
SET:CPF
FY2024 revenue (THB B)
~560B
Protein segments
Chicken, shrimp, pork, aqua
Integration model
Fully integrated, global
Ticker
SET:BTG
FY2024 revenue (THB B)
114.94B
Protein segments
Chicken, pork, eggs, feed
Integration model
Fully integrated, Thailand-focused
Ticker
SET:TFG
FY2024 revenue (THB B)
~35B
Protein segments
Chicken, pork
Integration model
Integrated, mid-scale
| Company | Ticker | FY2024 revenue (THB B) | Protein segments | Integration model |
|---|---|---|---|---|
| Charoen Pokphand Foods | SET:CPF | ~560B | Chicken, shrimp, pork, aqua | Fully integrated, global |
| Betagro (BTG) | SET:BTG | 114.94B | Chicken, pork, eggs, feed | Fully integrated, Thailand-focused |
| Thai Foods Group | SET:TFG | ~35B | Chicken, pork | Integrated, mid-scale |
| GFPT PCL | SET:GFPT | ~20B | Chicken (pure-play) | Partially integrated |
Feed cost cycle and the 2024 recovery thesis
Betagro's FY2023 loss was primarily a feed-cost squeeze: corn and soybean meal prices spiked globally in 2022–2023, compressing margins across the integrated chain. The FY2024 profit recovery reflects both the normalisation of feed input costs and the pass-through of higher chicken-export prices following the Thai avian-influenza-free status confirmation.
The structural read: Betagro's earnings are more feed-cost sensitive than CPF because it lacks CPF's geographic diversification and offshore protein-price hedging. For buyers of the livestock and poultry reports, Betagro's margin trajectory is a cleaner read of Thai domestic feed-cost dynamics than CPF's blended global P&L.
Watchpoints
Corn, soybean feed cost
Primary margin driver; Betagro has less geographic hedging than CPF against global feed cycles.
Avian influenza status
Thailand AI-free certification underpins chicken export premiums to Japan, EU; any outbreak triggers export-ban risk.
Pork cycle Thailand
Domestic pork pricing tied to hog supply cycles; ASF resurgence is a tail risk.
Taepaisitphongse family control
Post-IPO controlling stake means governance follows family priorities; watch dividend policy and capex strategy.
Related Market profiles
Peers, parents, partners, agencies, and other Livestock & Animal Feed actors.
Competitor
Charoen Pokphand Foods
Competes in Thai integrated poultry-pork-feed market against CPF.
Open Market profile →
Competitor
Thai Foods Group (TFG)
Tier-2 SET-listed integrated poultry-pork peer.
Open Market profile →
Sector peer
Charoen Pokphand Group (CP Group)
Thailand's largest family-owned conglomerate; anchors agro-industrial, retail, telecom, and property businesses across 20-plus countries.
Open Market profile →
Sector peer
CP Group (Chearavanont family)
Thailand's largest family-owned conglomerate controlled by the Chearavanont family; spans agro-industry, retail, telecom, and property across 20-plus countries.
Open Market profile →
Reports featuring this profile
Thailand Precision Agriculture & Agritech 2027 Market Intelligence
IoT feed mill, digital livestock value chain (SET: BTG)
Open report →
Sits alongside 3 other Atlas profilesThailand Halal Economy and OIC Market Access 2027 Market Intelligence
Integrated halal poultry, feed; CLMV adjacency, BPJPH-compliant Indonesia access
Open report →
Sits alongside 6 other Atlas profilesThailand Food Processing Technology Equipment Market Intelligence
Integrated meat, ready-meal processor; Marel poultry automation; pack-house capex 2025-2026
Open report →
Sits alongside 5 other Atlas profilesThailand Animal Nutrition & Feed Technology Market Intelligence
Integrated feed-farm-food group, swine, poultry, aquafeed
Open report →
Sits alongside 7 other Atlas profilesThailand Smart Farming Market Intelligence
Listed integrated protein with poultry, swine farm digitisation
Open report →
Sits alongside 7 other Atlas profilesThailand CPF: Poultry Cycle and 2026 Recovery Trade
Thai integrated-poultry peer; 2022 SET-listed; smaller scale than CPF
Open report →
Sits alongside 4 other Atlas profilesThai Poultry: CPF and Betagro's Vertical Integration and the World's #4 Poultry Exporter
Taepaisitphongse-family-controlled; ~15-18% market share.
Open report →
Sits alongside 5 other Atlas profilesThai Pork: CPF, Betagro, Charoen Pokphand, and the African Swine Fever Cycle
Taepaisitphongse-family ~15-18%.
Open report →
Sits alongside 4 other Atlas profilesThai Corn and Corn-Feed Feedstock: ~USD 1-2B Domestic Production and the CPF, Betagro Supply Chain
Tier-1 corn-feed buyer.
Open report →
Sits alongside 3 other Atlas profilesThai Aquaculture Feed Mill: CPF, Betagro, Charoen Pokphand, and the Animal-Feed Vertical Integration
~15-20% market share; Taepaisitphongse-family.
Open report →
Sits alongside 4 other Atlas profilesBetagro: Integrated Poultry at Mid-Scale Against CPF
SET-listed mid-scale integrated agro-industrial group; FY2024 revenue THB 114.94B (+5.3% YoY); net profit THB 2.47B.
Open report →
Sits alongside 4 other Atlas profilesGFPT: Pure-Play Thai Poultry Cycle and the Japan JV
SET-listed mid-scale integrated agro-industrial group; FY2024 revenue THB 114.94B (+5.3% YoY); net profit THB 2.47B.
Open report →
Sits alongside 4 other Atlas profilesRelated Market profiles
competitor
Charoen Pokphand Foods
CP Group's agri-food flagship; FY2024 revenue ~THB 580-600B; pork, chicken, aquaculture, processed foods, pet food across 18 countries.
competitor
Thai Foods Group (TFG)
Thai-listed integrated poultry-pork peer (SET: TFG); smaller than Betagro, larger than GFPT pure-play.