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.
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