Sao Ta Foods Joint Stock Company (FMC) has announced its operating results for October 2024.
According to the company, finished shrimp production in October reached 1,866 tons, down 27% year-on-year; however, finished shrimp sales rose to 2,043 tons, up 23%. Additionally, the company produced 75 tons of finished agricultural products and consumed 122 tons, down 44% and 11% year-on-year, respectively.
As a result, Sao Ta recorded total sales for October at $23.25 million, equivalent to 126% of the same period last year.
Furthermore, FMC's farms have been fully prepared and will begin stocking in mid-November when the weather conditions become favorable.
Previously, Sao Ta Foods announced its third-quarter 2024 business results with net revenue reaching VND 2,845 billion, up 58.6% year-on-year. Cost of goods sold also increased to VND 2,537 billion compared to VND 1,609 billion recorded in the third quarter of 2023. Sao Ta's gross profit also surged significantly from VND 184 billion to VND 307.6 billion.
Financial operating revenue saw a sharp drop of 57% to VND 8.9 billion. Meanwhile, various costs in the third quarter all increased substantially, especially selling expenses, which rose by 2.4 times to VND 166.6 billion compared to the same period.
Consequently, Sao Ta reported profit after tax of VND 94.8 billion, up 6% year-on-year.
For the first nine months of the year, the company achieved a revenue of nearly VND 5,548.5 billion, up 44.7% year-on-year. Net profit reached nearly VND 232 billion, up 10% compared to the first nine months of last year.
In 2024, Sao Ta Foods set a target of VND 5,187 billion in revenue and VND 320 billion in pre-tax profit. With a pre-tax profit of VND 231.8 billion after the first nine months of 2024, Sao Ta Foods has exceeded its revenue plan and completed 72.4% of its profit plan.
As of the end of the third quarter, Sao Ta's total assets were recorded at VND 3,706 billion, up 10.4% compared to the beginning of the year. This growth was largely driven by short-term receivables, which rose by 110.8% year-to-date to VND 1,036.6 billion.
Meanwhile, inventory decreased by 22.6% compared to the beginning of the year, falling to VND 774.28 billion.
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