Meanwhile, finished agricultural product output reached 112 tons, and consumption reached 59 tons, down 53% and 57%, respectively, over the same period last year.
Accordingly, Sao Ta Foods recorded a total consolidated revenue of 19.17 million USD in March 2023, an increase of 32% over the same period in 2023. Thus, the total revenue of this enterprise in the first quarter of 2024 was estimated to reach 49.67 million USD (equivalent to 1,227 billion VND), an increase of 14% compared to the first quarter of 2023.
Notably, the company leadership said that they has harvested shrimp from shrimp farms stocked in the off-season since the end of November 2023, with quite positive farming results.
Since July 2023, Sao Ta Foods 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 year. When this farming area is fully operational, it will significantly improve the self-supply capacity of raw shrimp, leading to the expansion of Sao Ta Foods' gross profit margin.
It’s estimated that Sao Ta Foods' self-raised shrimp output this year will increase by 29% compared to 2022, helping the gross profit margin increase to 11%. Accordingly, 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.
Sao Ta Foods' Board of Directors is maintaining a cautious stance on this year's business prospects and expects that difficulties for the shrimp industry may last at least the first half of this year, amid risks from the shrimp crop, challenges of CVD case from the United States, as well as limitations in the domestic supply of shrimp materials due to farmers reducing stocking.
On March 25, the US Department of Commerce (DOC) issued a conclusion in the anti-subsidy investigation of frozen warm water shrimp (Warm Frozen Warmwater Shrimp under HS codes 0306.17, 1605.21, and 1605.29) that originates from Vietnam. DOC has set the preliminary anti-subsidy tax rate for Vietnamese enterprises as follows: 2.84% for a single mandatory defendant enterprise and all remaining enterprises; and 196.41% for a single defendant business that did not participate in the case.
This will cause more difficulties for Vietnamese shrimp products in the US market, which is facing fierce competition from cheaper shrimp products from Ecuador and India.
Sao Ta Foods is currently building a business plan for this year with the target of net revenue reaching 5,187 billion VND and consolidated profit before tax reaching 320 billion VND, an increase of 2% and 5%, respectively, compared to the year's performance in 2023. Thus, by the end of the first quarter of 2024, the company is estimated to have achieved 23.6% of the year's revenue target.
This year, Sao Ta Foods will continue to focus on deeply processed products, aiming to optimize costs and increase productivity by specializing in products at each factory and improving the quality of workers to achieve set business goals.
(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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