Minh Phu Seafood Corp has just announced its consolidated financial statements for the first quarter of 2022 with net revenue of VND 4,239 billion, up 50.8%. The gross profit margin improved from 8.8% to 11.6%.
The cost of goods sold increased by 46% to VND 3,747 billion, gross profit doubled over the same period to VND 491.8 billion. Financial revenue in the period decreased by 36.8% to 19.2 billion, while financial expenses jumped 24.4% to 32 billion.
Minh Phu Seafood reported a profit after tax of VND 91.2 billion, 3.4 times higher than the same period in 2021
At the end of the first quarter of 2022, Minh Phu Seafood Corp reported a profit after tax of 91.2 billion VND, 3.4 times higher than the same period in 2021. Selling expenses increased by 80% to 314.7 billion VND, and expenses for corporate management increased by 32.7% to 66.1 billion.
As of March 31, 2022, the total assets of Minh Phu Seafood Corp reached VND 9,647 billion, a slight increase compared to the beginning of the year. Most of which are short-term assets, reaching 7,100 billion VND (accounting for 73.6%). In which, inventories decreased by 12% to VND3,924 billion. Long-term assets increased 7% to VND 2,547 billion.
According to the annual report, Minh Phu sets a target of 21,018 billion VND in revenue, and 1,287 billion VND in profit after tax; respectively, increased by 55% and 96% compared to the implementation of 2021.
The company said it will continue to evaluate the trend of price fluctuations of main raw materials related to Minh Phu's the production and business activities, specifically the price movements of raw shrimp and finished shrimp in the world.
In addition, Minh Phu Seafood Corp focuses on speeding up the project of a high-tech industrial complex to develop a shrimp value chain with a scale of 10,000 hectares in Kien Giang. Thereby increasing the value of Minh Phu shrimp products.
In addition, this year, Minh Phu continues its strategy of diversifying shrimp consumption markets. Maintaining and clinging to main markets like the US, increasing shrimp export turnover to the EU market to take advantage of the EVFTA and UKVFTA agreements, bringing Minh Phu shrimp products to domestic consumers.
Previously, in mid-March, Minh Phu Seafood Corp decided to increase the charter capital of its subsidiary, Minh Phu Green Food Co., Ltd. from 2 billion VND to 50 billion VND from equity (equivalent to an increase of about 2 million VND). USD) to boost domestic market sales.
Compiled by Minh Trang
It is necessary to develop more detailed and consistent regulations on seafood production for export in line with the implementation of solutions towards sustainable and responsible fishing practices.
(seafood.vasep.com.vn) After increasing to the highest level in 2022, Canada's tuna imports in 2023 dropped to the lowest level in the past 10 years, reaching 35 thousand tons, down 24% over the year. Canada is currently one of the 15 largest tuna import markets in the world.
(seafood.vasep.com.vn) Chile, one of the countries participating in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), has tended to increase tuna imports from Vietnam in the past 3 years. According to statistics from Vietnam Customs, this South American country imported nearly 3 million USD of tuna products from Vietnam in the first 2 months of 2024, an increase of 58% over the same period in 2023.
Economic and social development activities, overexploitation, pollution, diseases, and climate change have adversely affected the ecological environment, leading to a severe decline or the extinction of many precious indigenous aquatic species.
(seafood.vasep.com.vn) The prices of pangasius fingerlings and raw pangasius in ponds fell in March, following steady increases in the first two months of this year.
(seafood.vasep.com.vn) In February 2024, the average export price of Vietnamese pangasius to markets increased by 4%, although the volume decreased by 40% compared to the previous month.
(seafood.vasep.com.vn) There was a 6% decline in Vietnam's pangasius exports to Brazil in February 2024 compared to the same period in 2023, with the total value reaching 6 million USD.
(vasep.com.vn) In the first two months of 2024, Poland—which ranks as Vietnam's fourth-largest EU supplier of tuna—became a noteworthy market. Vietnam's tuna exports value to Poland increased by 786% in comparison to the same period last year, totaling over $2 million USD and contributing about 2% of the country's overall tuna exports revenue.
Regulations on the protection and sustainable development of aquatic resources, Việt Nam's legitimate rights at sea in accordance with international law and the achievements that the country has carved out to remove the European Union’s “yellow card” will be brought closer to local people.
(seafood.vasep.com.vn) According to data from Vietnam Customs, in January 2024, Vietnamese pangasius exports to Germany decreased by 30% compared to last year and reached only nearly 2 million USD.
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