Vinh Hoan can achieve a profit of 233 billion dong in the third quarter, up 33%

VDSC Securities has forecasted the third quarter of 2021 business results of Vinh Hoan Joint Stock Company with revenue of 2,249 billion dong, profit after tax of 233 billion dong, up 25% and 33% respectively over the same period last year.

In which, revenue from pangasius fillet segment increased strongly by 30% over the same period, thanks to a 24% recovery in average selling price while output increased by about 5%.

Previously, Vinh Hoan announced the total revenue of July and August was 1,470 billion dong, so in September, Vinh Hoan could record a revenue of about 779 billion dong.

For the whole year, Vinh Hoan's revenue will be at VND 8,771 billion, profit after tax is about VND 872 billion, up 25% and 24% respectively compared to last year's results.

Vinh Hoan's gross profit margin is expected to increase to 19.1% (up 4.91 percentage points) thanks to the increase in output and average selling price of pangasius fillets by 9% and 11% respectively.

In terms of exports, Vinh Hoan's pangasius fillet is expected to be less affected by the capacity reduction, as the company's fillet inventory is estimated to be sufficient for export in the last months of the year.

In general, in the last two quarters of the year, VDSC forecasts that export volume of fish fillets will decrease slightly by 3% yoy to 41,310 tons. For the whole year, this figure will likely increase by 9% to 81,610 tons.

Export volume is expected to decrease while the price of pangasius fillet is expected to increase, which will help improve the company's gross profit margin by 21%.

According to experts, the price of pangasius fillet is on an upward trend and increased by 31% over the same period in the second half of the year due to strong demand at the end of the year, especially in the US market and supply shortage.