Vinh Hoan Corp targets to achieve VND1 trillion in profit after tax by 2019

(seafood.vasep.com.vn) Vinh Hoan Corp, the leading pangasius company of Vietnam, expected to achieve an average annual revenue and profit growth rate of 15% per year in the context of scarce raw material and high prices.

At the Annual General Meeting of Shareholders held on 5th May 2017, Ngo Nguyen Vi Tam - General Director of Vinh Hoan Corporation (VHC) said in early 2016, VHC targets increase by 15-20% per year in its sales in the next three years. The company also targeted to achieve VND1 trillion in profit after tax by 2019.

In 2016, consolidated sales of VHC came to VND7,303 billion, of which the export value accounted for more than 86% and maintained a steady growth for a decade. Profit after tax was more than VND567 billion, up 75% over the previous year. These were mainly driven by applying a close model, raising the rate of self-sufficiency of materials by 65% ​​to reduce costs, especially in the months of scarce raw materials due to unfavorable weather and the developing high-quality products, value-added products with high profit margin. While the average selling price of companies decreased slightly, that of Vinh Hoan's products did not fluctuate, about 50% higher than the average.

By the end of 2016, the company exported its products to more than 40 countries, up 5 new markets year on year, in which, sales to Japan and Mexico recorded a tremendous growth. However, exports to the U.S, the main importing market, reduced its proportion to 58%. Meanwhile, in 2016, exports of the company to China climbed up 30% thanks to high demand.

www.vinhhoan.com

Compiled by Dieu Thuy


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