Shrimp consumption in October 2023 increased by 11%
Sao Ta Food JSC (HoSE: FMC) has just updated its business situation in October 2023 with sales of 18.45 million USD, down 5% compared to October 2022 and down more than 9% compared to September 2023.
In October 2023, Sao Ta Food's finished shrimp and finished agricultural products reached 2,569 tons and 133 tons, respectively, an increase of 44% and 35% over the same period last year.
Consumption of finished shrimp in October 2023 reached 1,659 tons, up 11% over the same period, but consumption of finished agricultural products only reached 137 tons, down 33% over the same period last year.
Recently, the Board of Directors of Sao Ta Foods JSC has approved the adjustment of business plan with revenue decreased by 17.5% compared to the plan at the beginning of the year, corresponding to a decrease of 1,030 billion VND, to 4,870 billion VND; profit before tax decreased by 25% compared to the plan at the beginning of the year, corresponding to a decrease of 100 billion VND, to 300 billion VND.
Sao Ta Foods JSC's consolidated financial statements for the third quarter of 2023 showed that the company recorded net revenue of 3,835 billion VND and profit before tax of 216 billion VND, down 15% and 12.6% respectively compared to same period last year, in the context of weak global shrimp demand.
Compared to the adjusted business plan, Sao Ta Foods JSC has completed 79% of its revenue target and 72% of its profit target for this year. According to the company’s management board, the high order situation will be maintained for at least the next 2 months thanks to the festival season - the year-end consumption peak, the increased demand for deep-processed shrimp products - which is a strength of Sao Ta Foods.
Data also shows that Sao Ta Foods JSC's business operations have passed the bottom zone in the second quarter of 2023 with a clear recovery. In particular, net revenue and net profit in the third quarter of 2023 increased by 73.6% and 17.5% respectively compared to the second quarter of 2023. Gross profit margin also improved significantly from 8.5% in the second quarter to 10.2% in the third quarter of 2023, nearly equivalent to the third quarter of 2022.
Shrimp exports will breakthrough in the fourth quarter of 2023
According to Mr. Ho Quoc Luc, Chairman of the Board of Directors of Sao Ta Foods in early October 2023, based on the existing contracts (as of early September 2023) and careful estimates, the company's profit for 2023 will reach "at least 90%" compared to 2022, in the context of shrimp prices falling too low (down from 10 - 20% depending on the size). Sao Ta Foods JSC's largest shrimp export markets are currently the United States, Europe, and Japan, which are also the most important markets for Vietnam's seafood industry.
Notably, Sao Ta Foods said that the shrimp farming area of previous crop is harvesting about 80% and the new farming area has finished harvesting, and is expected to be restocked in November.
According to the latest assessment by SSI Research, the harvest output at Sao Ta Food's new farming area is estimated to reach 2,000 tons, equivalent to 10% of the total annual output production; thereby increasing the internal supply rate and helping to reduce product costs.
Regarding the shrimp market in the future, Mr. Ho Quoc Luc shared that the global market has now passed the peak of farmed shrimp harvesting, but the supply of finished shrimp is still abundant, mainly due to previous inventory. This keeps shrimp prices at a low level, which is beneficial for consumers, but causes great damage to farmers, and may negatively affect the shrimp supply chain in the future.
Notably, although the inventories of Vietnam's main shrimp competitors such as Ecuador and India are still quite high, but mainly pre-processed products, so deeply processed products, which are the advantage of the Vietnamese shrimp industry, have favorable conditions to break through in the fourth quarter of 2023, the Chairman of Sao Ta Food said.
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