Minh Phu Seafood Corporation (MPC) recorded a post-tax profit of VNĐ101.4 billion (US$4.54 million) in the second quarter of this year, 34 times higher than the same period last year and the highest level in the last eight quarters, online newspaper Infonet.vn reported.
During the reviewed period, MPC’s net revenue reached VNĐ3.6 trillion, up 37.3 per cent year-on-year. The company’s cost of goods sold (COGS) on net revenue dropped sharply from nearly 93 per cent to 89 per cent, bringing gross profit to VNĐ398.2 billion, double the same period last year.
Thanks to a 26.4 per cent decrease in loan interest, financial expenses were lower than the same period last year. Corporate governance cost also declined sharply by 41 per cent to over VNĐ40 billion. Sales costs increased by 29 per cent to nearly VNĐ182 billion, resulting in a pre-tax profit of VNĐ134.4 billion.
Earning per share (EPS) reached VNĐ1,480, much higher than last year’s figure of VNĐ469.
In the first six months of 2017, MPC’s net revenue reached VNĐ6.34 billion, up 34.5 per cent year-on-year while its post-tax profit totalled VNĐ144 billion, seven times higher than the same period last year. EPS reached VNĐ2,104.
In 2017, MPC targets consolidated net profit of VNĐ841.28 billion. With the results achieved in the second quarter, the company has just completed about 17 per cent of the target.
At the end of Q2, MPC’s total assets reached VNĐ8.3 trillion, of which inventories accounted for nearly VNĐ4.4 trillion.
The company’s liabilities at the end of Q2 amounted to VNĐ5.9 trillion, accounting for 71 per cent of total capital. Of the estimated amount, short-term loans touched VNĐ3.3 trillion, up nearly two times compared to the beginning of this year, while long-term loans were over VNĐ2 trillion, down 41.3 per cent from the beginning of this year.
MPC recently approved the plan of its subsidiary Minh Phu Import and Export of Food Co Ltd to reduce its charter capital from a registered VNĐ40.8 billion down to the actual capital of VNĐ2 billion.
In addition, the Board of Directors approved additional investment into two shrimp farming areas for MPC’s shrimp farming development strategy.
Accordingly, it will add some VNĐ70 billion to increase charter capital of Minh Phu - KG Seafood Co Ltd to VNĐ220 billion, investing more VNĐ30 billion in Minh Phu–Lộc An Aquaculture Co to raise its chartered capital to VNĐ180 billion.
(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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