(seafood.vasep.com.vn) Despite being heavily affected by Covid, which led to a series of high transportation costs, Sao Ta Food Joint Stock Company (FIMEX VN) still reported historically high profits after 26 years of operation. FIMEX VN ranks 6th among Vietnamese seafood exporters in 2021 and is the 4th largest shrimp exporter with sales of 166 million USD.
FIMEX's cooked PDTO vannamei
Accordingly, in the fourth quarter of 2021, FIMEX VN recorded revenue of 1,444 billion dong, up 19% over the same period, gross profit reached 202 billion dong, up 30% over the same period last year. As a result, gross margin improved from 12.9% to 14%.
During the period, financial revenue increased by 82.5%, reaching VND 16.41 billion; selling and administrative expenses increased by 13.8%, equivalent to an increase of 12.63 billion VND to 104.4 billion VND and other activities did not change significantly.
The company explained that the reason for the sharp increase in profit over the same period was mainly due to the profit from harvesting self-farmed shrimp, which reduced product costs and significantly increased profits for the overall performance of the company.
According to the data provided by enterprises, processed Sao Ta shrimp output reached 22,790 tons (up 12% compared to 2020), consumed shrimp output was about 18,370 tons (up 7%) and consumed agricultural products reached 1,590 tons, equal to 132% compared to 2020.
2021 is also the most successful year of shrimp farming in Sao Ta's 10-year history of shrimp farming, even though the pandemic has upset some of the company's original plans. Especially, the cost of renting empty containers for long-distance delivery increased too sharply, causing considerable damage to this business.
If in previous years, the 3 main activities of shrimp processing, agricultural product processing and shrimp farming together to create profits, in 2021, the shrimp farming segment will become the "trump card" of the business, helping to reduce product cost to compensate for the processing segment.
In the whole year of 2021, the Company recorded a revenue of VND 5,199 billion, profit after tax of VND 286 billion, up 17.8% and 27% respectively over the same period in 2020.
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