Sao Ta Food Joint Stock Company (stock HS code FMC-HHoSE) has just announced that in February 2024, finished shrimp output reached 931 tons and finished shrimp sales reached 982 tons, respectively decreasing by 8% and 9% over the same period in 2023. Similarly, the company's consumption of finished agricultural products also decreased by 21%, reaching 87 tons.
Thereby, the total consolidated revenue in February 2024 of Sao Ta Foods reached 11.3 million USD (equivalent to 278.6 billion VND), down 16% compared to the same period in 2023. Sao Ta Foods Board of Directors said that the main reason is that this year's Lunar New Year holiday falls in February, so the company only operates for 21 days. Along with that, shrimp raw materials are low because it is late in the season and orders are few.
Thus, accumulated in the first 2 months of this year, Sao Ta Foods' revenue reached 30.5 million USD (equivalent to 752 billion VND), up 6% over the same period last year.
According to Rong Viet Securities (VDSC), Sao Ta Foods' average export shrimp price in the first quarter of 2024 may still be 10% lower than the same period in 2023 due to the recovery of selling prices across the market unclear. However, Sao Ta Foods' revenue in the first quarter of 2024 is expected to be equivalent to the same period in 2023, reaching VND 1,008 billion, thanks to a 10% increase in output compared to the same period in 2023.
VDSC currently forecasts that this year's revenue and profit of Sao Ta Foods will increase by 10% and 25.5%, respectively, compared to the performance level of 2023. This factor is supported by the estimated gross profit margin significantly improved to 11% when Sao Ta Foods' self-raised shrimp output this year is expected to increase by 29% compared to 2023.
Currently, Sao Ta Foods' raw shrimp autonomy has reached 40%. In July 2023, the company put into operation the Vinfarm farm in Vinh Thuan, helping to expand the farming area by 203 hectares, bringing the total farming area to 525 hectares with the ability to supply 16,000 tons of raw shrimp per month.
When this entire farming area goes into synchronous operation this year, Sao Ta Foods' raw material autonomy will be significantly enhanced. The company currently owns three factories with a processing capacity of 45,000 tons per year.
Notably, compared to other shrimp exporting enterprises, VDSC believes that Sao Ta Foods will not be much affected by the tense shipping situation in the Red Sea area because the company is mainly exporting to the Japanese market. For the EU market, the company is mainly exporting to the UK at FOB prices without having to pay shipping costs.
Currently, many financial institutions and industry experts believe that Vietnam's shrimp export activities this year will recover positively, creating favorable conditions for shrimp processors and exporters to grow. In particular, demand in Vietnam's key shrimp-consuming markets, such as the US, EU, and Japan, is expected to accelerate recovery in the second half of this year.
On the stock market, ending March 1, the market price of FMC shares reached 47,800 VND per share.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX) recently announced its production and business results for November 2024, showing a 5% year-over-year increase in revenue but a 21% decline compared to the previous month.
(seafood.vasep.com.vn) Soc Trang province underscores the critical role of the fisheries sector in driving its socio-economic development. Located along Vietnam's coastline, the province features 72 km of shoreline, three major estuaries—Dinh An, Tran De, and My Thanh—and a dense river network encompassing diverse ecosystems, including saltwater, brackish, and freshwater. These natural resources provide ideal conditions for the growth of aquaculture, making the fisheries sector a cornerstone of Soc Trang’s economic strategy.
(seafood.vasep.com.vn) In 2024, the pangasius industry in Dong Thap is projected to achieve a production value of VND 8.802 billion, marking a 2.86% increase compared to 2023 and accounting for over 17% of the province's total agricultural, forestry, and fishery production value.
(seafood.vasep.com.vn) Vietnam's tuna exports to Japan have seen robust growth over the past two months. Data from Vietnam Customs shows that in October 2024 alone, tuna exports to Japan surged by 31% year-on-year, reaching nearly USD 3.5 million. This growth has offset the decline experienced in the first half of the year, raising the total export value for the first ten months of 2024 to nearly USD 28 million, a 5% increase compared to the same period last year.
A business forum was held by the Dutch Embassy in Vietnam in collaboration with the Ministry of Agriculture and Rural Development (MARD) in the Mekong Delta city of Can Tho on November 27, seeking ways for sustainable aquaculture in the region.
(seafood.vasep.com.vn) On November 18, Ms. Truong Ha Phuong Anh, Director of the Center for Investment Promotion and Business Support (iPEC), stated that during the Ca Mau Province Agricultural and Aquatic Products Trade Promotion Conference 2024, held on November 15, there were 209 direct trade interactions between 42 seafood processing and exporting enterprises, OCOP producers in the province, and five leading domestic retail companies: Central Retail, Saigon Co.op, Kingfood Mart, Bach Hoa Xanh, and Satra Supermarket.
In 2024, the Binh Dinh Agricultural Extension Center successfully implemented a semi-intensive and intensive two-stage whiteleg shrimp farming model using Semi-Biofloc technology.
(seafood.vasep.com.vn) Recently, the area dedicated to super-intensive, high-density whiteleg shrimp farming in Trà Vinh Province has been rapidly expanding due to its high productivity and economic efficiency.
(seafood.vasep.com.vn) In collaboration with provincial authorities, specialized agencies, and local coastal governments, seafood processing and export enterprises in Binh Dinh Province are actively working to address issues related to illegal, unreported, and unregulated (IUU) fishing. The shared goal is to have the European Union's "yellow card" removed this year.
(seafood.vasep.com.vn) Ca Mau Province has affirmed its position as the "shrimp kingdom" of Vietnam, with the largest area for ecological shrimp farming in the country.
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