But 2014 seems to start on a better footing.
Favorable exchange rates and lower costs, among other factors, improved the companies’ bottom lines from a year ago.
Results for the first three months of the year from the largest players — Thai Union Frozen Products, Charoen Pokphand Foods and Seafresh — all posted black figures.
Thai Union said its pre-tax profit soared 54% to THB 1.88bn ($58m), thanks to better performance both in shrimp and tuna. The group had seen its profit dive in 2013.
CP Foods’ net profit in Q1 was twice as high as a year ago, hitting THB 2.05bn ($63.2m), an improvement partly led by a recovery in its shrimp business.
Seafresh, meanwhile, overturned its losses from a year ago, with a net profit of THB 108.5 million ($3.3m) in the first quarter of the year.
Their smaller peers also showed signs of recovery.
Asian Seafoods Coldstorage, which processes frozen seafood including tuna, shrimp and squid, made a net gain of THB 24.88m (approx $766,000) in the first quarter of the year, drastically reversing a loss of THB 44.79m a year ago.
This was thanks to higher efficiency and therefore lower costs, as well as a gain of THB 18m on exchange rates — contrasting with a hefty loss of THB 114m in Q1 last year, said the group.
Tropical Canning, which processes tuna, shellfish, as well as ready meals and pet food, reversed a loss of THB 28.4m in Q1 last year, with a gain of THB 38.6m.
Revenues were up 5% or THB 63m to THB 1.24bn. This was thanks to better economic global conditions, with strong growth in particular in the Middle East, said the group. The company also cited an exchange rate gain of THB 6.8m compared to a loss of THB 11.4m a year ago.
Oishi Group, for whom 50% of the business is food related, also had a solid Q1, with profit more than doubling from a year ago to THB 34m, from just THB 15m.
Food turnover was up 4% to THB 1.52bn, driven by more sales n restaurant outlets. However, the beverage business fell 10.5% to THB 1.2bn, driving overall revenue down 3% to THB 2.72bn.
Once again, Trang Seafood Products bucked the trend of its peers.
Just as it was the only one to improve its profit last year, it was the only one to end up in the red in Q1 this year.
That said, the result showed a small improvement, with the net loss shrinking from THB 13.3m in Q1 last year, to THB 11.9m.
(seafood.vasep.com.vn) The US remains Vietnam’s largest single market for shrimp imports, accounting for 20% of Vietnam's total shrimp exports globally. As of October 15th, 2024, Vietnamese shrimp exports to the US reached nearly 600 million dollas, marking a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) According to Vietnam Customs, pangasius exports to Canada reached over 1 million USD in the first half of October 2024, a 33% decrease compared to the same period last year. However, by October 15, 2024, total pangasius exports to Canada had reached 32 million USD, reflecting a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) Cà Mau is accelerating its digital transformation, developing green industries, and promoting high-tech processing of agricultural and aquatic products, with a focus on sustainable economic growth and environmental protection.
(seafood.vasep.com.vn) The Dong Thap Pangasius Festival 2024, themed 'Dong Thap Pangasius: Green Journey - Green Value', will take place on November 16-17 in Hong Ngu City.
The positive business momentum in the domestic seafood sector could last into the first half of 2025, according to experts.
(seafood.vasep.com.vn) In the first three quarters of 2024, brackish water shrimp production exceeded 1.1 million tons, with export revenue reaching $2.8 billion. The seafood industry has set a target of $4 billion for shrimp exports for the entire year.
While the price of 1 kg of shrimp hovers around 20 USD, the value of 1 kg of chitosan—extracted from shrimp—can soar to 500 USD. This highlights a significant challenge within the seafood processing industry.
(seafood.vasep.com.vn) By October, Vietnam's shrimp exports had generated nearly $3 billion, reflecting an increase of over 10% compared to the same period last year. Shrimp remains the leading commodity contributing to the export turnover of the entire seafood industry.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX VN - HoSE: FMC) concluded Q3/2024 with significant growth in revenue. Specifically, Sao Ta Food recorded revenue of VND 2,845 billion, a 58.6% increase year-on-year. The company's profit after tax reached VND 95 billion, up 6.2%.
VASEP's Seafood Export Report for the third quarter of 2024 provides a comprehensive overview of Vietnam's seafood export performance in the first nine months, with impressive results reaching $7.2 billion—an increase of 9% over the same period last year. In the third quarter alone, seafood exports grew by 15%, totaling $2.8 billion. This growth is attributed to a recovery in demand and prices in key markets such as the U.S. and China, as well as the competitive advantage of value-added products in markets like Japan and Australia.
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