Quarterly sales in US dollar terms were USD 822 million, up 11% from a year ago. Sales in Thai baht terms also grew by 11% from 22.70 billion baht in the first quarter last year to 25.30 billion baht.
Total revenues for the quarter amounted to 25.67 billion baht, up 12% from the first quarter of 2011, said president Thiraphong Chansiri.
The strong sales growth was seen across all product lines while the gross profit margin rose to 17.2% from 14.8% in last year’s first quarter.
Tuna products make up the largest share in the company’s product portfolio (50%), followed by frozen shrimp (16%), canned pet food (7%), products for domestic market (8%), canned seafood (5%), frozen salmon (5%), shrimp feed (4%), canned sardines and mackerel (5%) and frozen cephalopod (1%). The main export markets are the US (36%), the EU (30%) and Japan (9%).
“The strategic alliance should provide synergies to the seafood businesses of both companies. Concurrently, more efficient joint raw material sourcing should also become possible, thereby potentially saving costs on raw materials and increasing competitiveness in the long term,” he said.
Shares of TUF closed on the SET at 73.25 baht today, up 2.45% from previous day - in trade worth 110.13 million baht – the stock showing a 58.01 % return over the last year.
(seafood.vasep.com.vn) The US remains Vietnam’s largest single market for shrimp imports, accounting for 20% of Vietnam's total shrimp exports globally. As of October 15th, 2024, Vietnamese shrimp exports to the US reached nearly 600 million dollas, marking a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) According to Vietnam Customs, pangasius exports to Canada reached over 1 million USD in the first half of October 2024, a 33% decrease compared to the same period last year. However, by October 15, 2024, total pangasius exports to Canada had reached 32 million USD, reflecting a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) Cà Mau is accelerating its digital transformation, developing green industries, and promoting high-tech processing of agricultural and aquatic products, with a focus on sustainable economic growth and environmental protection.
(seafood.vasep.com.vn) The Dong Thap Pangasius Festival 2024, themed 'Dong Thap Pangasius: Green Journey - Green Value', will take place on November 16-17 in Hong Ngu City.
The positive business momentum in the domestic seafood sector could last into the first half of 2025, according to experts.
(seafood.vasep.com.vn) In the first three quarters of 2024, brackish water shrimp production exceeded 1.1 million tons, with export revenue reaching $2.8 billion. The seafood industry has set a target of $4 billion for shrimp exports for the entire year.
While the price of 1 kg of shrimp hovers around 20 USD, the value of 1 kg of chitosan—extracted from shrimp—can soar to 500 USD. This highlights a significant challenge within the seafood processing industry.
(seafood.vasep.com.vn) By October, Vietnam's shrimp exports had generated nearly $3 billion, reflecting an increase of over 10% compared to the same period last year. Shrimp remains the leading commodity contributing to the export turnover of the entire seafood industry.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX VN - HoSE: FMC) concluded Q3/2024 with significant growth in revenue. Specifically, Sao Ta Food recorded revenue of VND 2,845 billion, a 58.6% increase year-on-year. The company's profit after tax reached VND 95 billion, up 6.2%.
VASEP's Seafood Export Report for the third quarter of 2024 provides a comprehensive overview of Vietnam's seafood export performance in the first nine months, with impressive results reaching $7.2 billion—an increase of 9% over the same period last year. In the third quarter alone, seafood exports grew by 15%, totaling $2.8 billion. This growth is attributed to a recovery in demand and prices in key markets such as the U.S. and China, as well as the competitive advantage of value-added products in markets like Japan and Australia.
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