Explaining the business results, Sao Ta Foods’ management stated that while revenue growth was robust, the limited profit increase was largely due to a sharp rise in raw material costs, leading to less-than-expected performance in order fulfillment.
In the first nine months of 2024, Sao Ta Foods achieved a total revenue of VND 5,548 billion, marking a 44.7% increase compared to the same period last year. Net profit reached VND 235 billion, up 10.3% compared to the first nine months of 2023.
This year, Sao Ta Food set a target revenue of VND 5,187 billion and pre-tax profit of VND 320 billion. With the current performance, Sao Ta Food has surpassed its revenue target by 7% and completed 72.4% of its profit plan.
Meanwhile, Nam Viet Corporation (Navico - HoSE: ANV) reported a net revenue of VND 1,341 billion, up by more than 32% year-on-year. After deducting expenses, net profit reached VND 27.8 billion, 28 times higher than the same period last year.
For the cumulative nine months of 2024, Navico’s net revenue reached VND 3,550 billion, an increase of over 6% year-on-year. Net profit totaled nearly VND 42.5 billion, a slight increase compared to the first nine months of 2023. Navico has set an annual target of VND 5,000 billion in total revenue and VND 306 billion in net profit.
(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.
(seafood.vasep.com.vn) Khánh Hòa province is currently leading the way in implementing Electric Catch Documentation and Traceability System (eCDTs).
(seafood.vasep.com.vn) The European Union, with its stringent quality requirements, has become an attractive destination for the shrimp industry of many countries, including Vietnam. Vietnamese shrimp meeting EU export standards not only increases product value but also solidifies Vietnam's position in the global seafood market.
(seafood.vasep.com.vn) Vietnam's shrimp exports accounted for the highest export value among all seafood products in the first nine months of the year, reaching nearly $2.8 billion, a 10.5% increase compared to the same period in 2023.
(seafood.vasep.com.vn) According to the Ben Tre Statistics Department, the province’s aquaculture sector has been relatively stable and has experienced growth recently, particularly due to the high efficiency of intensive shrimp farming models.
(seafood.vasep.com.vn) In the third quarter, several Vietnamese seafood companies announced strong financial results, showcasing resilience and growth in a challenging market.
(seafood.vasep.com.vn) In the first nine months of 2024, the fishery production of Soc Trang province has continued to be stable and develop. The farming area and fishery output have increased compared to the same period last year. The consumption of seafood products has generally been favorable.
(seafood.vasep.com.vn) In the first nine months of 2024, aquaculture in Kien Giang province has shown potential growth, helping to offset the decline in capture fisheries.
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