Set this year's net profit target to increase eight times
According to the 2024 Annual General Meeting of Shareholders meeting documents scheduled to take place on June 29, NAVICO (Nam Viet Corporation, stock code ANV-HoSE) sets a revenue target this year, it will reach 5,000 billion VND, an increase of 13% compared to the level realized in 2023. Meanwhile, profit after tax is expected to be 8 times higher, reaching 306 billion VND.
In 2023, Navico's net profit reached 39 billion VND, the lowest level in 7 years, completing 21% of the set profit target. Mr. Doan Toi, General Director of Navico, said that although the company's number of orders is not small, profits recorded less positive results due to high-cost prices.
Currently, many financial institutions assess that this year's business prospects for Nam Viet Seafood will be more positive when pangasius export prices are expected to recover in the context of increasing demand and decreasing supply.
Notably, in the US market, Navico continues to be an enterprise that enjoys anti-dumping duties of 0% (according to POR 19). In addition, Navico's leadership said that the company has successfully cooperated with large seafood distributors and reconnected with old customers thanks to its history of exporting to the US in the previous period.
Navico's customer base is mainly existing customers of the two leading exporters to the US, Bien Dong Seafood and Vinh Hoan Joint Stock Company (stock code VHC), but there is a need for partial diversification suppliers with more competitive prices.
For the Chinese market, Nam Viet Seafood is also recording many possible results thanks to expanding new customer files in Beijing and Guangzhou, in addition to the traditional area of Shanghai. At the same time, after market research, Navico has expanded the product line of spiced butterfly pangasius, meeting the high demand in China.
In addition, with the advantage of 100% autonomy in raw fish, the company has resolved the shortage of large-sized pangasius (1.5–2 kg); this is also the most popular fish size in China.
In the domestic market, after the cooperation deal with Bach Hoa Xanh in March 2023, Nam Viet Seafood product lines were considered to have higher recognition and are easily accessible to domestic consumers.
According to a recent forecast by Vietcombank Securities, revenue from the domestic market of Nam Viet Seafood this year could increase by up to 63% compared to 2023.
Maintaining the position of the second-largest pangasius processing enterprise in the world
The Board of Directors of Navico said that the company is currently a pangasius production and export enterprise with the second largest closed production chain in the world, including 250 hectares of traditional farming areas, helping to supply up to 120,000 tons of raw fish per year, and 600 hectares of high-tech farming areas invested since 2018, helping to provide up to 250,000 tons of raw fish per year.
Also, according to the leadership of Navico, the company owns 20,000 pairs of broodstock capable of producing 14 billion fingerlings. With a feed factory with a designed capacity of 800,000 tons per year, Nam Viet Seafood is capable of providing 100% of the feed for the company's 150-hectare fish breeding area.
At the same time, the company is also operating four seafood processing factories with a total processing capacity of up to 1,200 tons of raw fish per day and has fully achieved ISO, Global GAP, HACCP, IFS, BRC, GMP, and HALAL.
At this year's Congress, Navico is expected to submit to shareholders a plan to increase capital by issuing 133.1 million shares to existing shareholders at a ratio of 1:1, equivalent to a shareholder owning 1 share. shares will receive one new share.
This plan was approved by Nam Viet Seafood shareholders at the 2023 Annual General Meeting of Shareholders. However, because the company has not yet implemented it, it continues to be presented at this year's general meeting.
If this offering is successful, Nam Viet Seafood will earn about 1,331 billion VND. Therefore, increasing the company's charter capital to VND 2,666 billion would double the current level. At the same time, it helped Navico become the pangasius enterprise with the largest charter capital on the stock market.
(seafood.vasep.com.vn) According to statistics from Vietnam Customs, Vietnam's tuna exports in October reached nearly $93 million, marking a 22% increase compared to the same period in 2023. In the first ten months of 2024, the total export value exceeded $821 million, up 18% compared to the same period last year.
(seafood.vasep.com.vn) According to Vietnam Customs data, pangasius exports to the EU reached USD 7 million in the first half of October 2024, marking a 27% year-on-year increase. As of October 15, 2024, cumulative exports to the EU totaled over USD 134 million, reflecting a slight 0.01% decrease compared to the same period last year.
(seafood.vasep.com.vn) According to data from Vietnam Customs, pangasius export revenue in October 2024 reached nearly $202 million, a 17% increase compared to October 2023. The cumulative export value for the first ten months of the year totaled $1.7 billion, marking a 9% year-on-year increase.
(seafood.vasep.com.vn) Vietnam's exports of crabs and other crustaceans continued to see high growth in September 2024, with a 54% increase compared to the same period in 2023. In the first nine months of the year, exports of crabs and other crustaceans reached over USD 228 million, a 67% increase year-over-year.
(seafood.vasep.com.vn) Vietnam’s shrimp exports reached $394 million in October 2024, up 24%. In the first ten months of this year, shrimp exports brought in $3.2 billion, up 13% compared to the same period last year. Exports to all major markets recorded double-digit growth in October.
International Development and Investment Corporation (IDI), a key member of the Sao Mai Group, has consistently ranked among the largest seafood producers and exporters in Vietnam.
(seafood.vasep.com.vn) In recent years, the US has consistently been Vietnam’s largest seafood export market. Over the past five years, seafood export turnover to the US has ranged from 1.5 billion USD to 2.1 billion USD anually. Despite facing strict protective policies such as anti-dumping and countervailing duties, U.S. market demand remains high, and the quality of Vietnamese seafood continues to improve, helping to maintain and expand its position in this market.
(seafood.vasep .com.vn) The return of Donald Trump to the White House for a second term will bring significant impacts on Vietnam, particularly its pangasius export sector. Trump's economic policies, such as raising import tariffs, reducing corporate income taxes, and attracting foreign direct investment (FDI) back to the US, are expected to directly influence various industries in Vietnam.
(seafood.vasep.com.vn) The UAE ranked 16th among importers of Vietnamese shrimp from 2018 to 2022, accounting for approximately 0.5% of Vietnam's total shrimp export value. Annually, Vietnam exported around US$20 million worth of shrimp to this market.
(seafood.vasep.com.vn) The company also announced that its farms are well-prepared and will begin stocking in mid-November when the weather conditions are favorable.
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