This is the lowest net profit TUF has had in the past eight quarters.
Throughout the whole year, profits skidded by 8 per cent, from THB 5.1 billion (USD 169.9 million) in 2011 to THB 4.7 billion (USD 156.6 million) in 2012.
The firm has explained that one of the main reasons for the lower profit was the tuna cost: it fell from the highest figure of USD 2,350 per ton in September to USD 1,900 per ton at the end of the year, which affected TUF’s profit margin earned in Q4.
Another obstacle the company faced is the regular fluctuation of the shrimp business because of the severe Early Mortality Syndrome (EMS) that led to many shrimp deaths, causing a shortage of the shellfish for production and overpriced shrimp.
The third challenge is that the
Regardless, TUF said, it believes that the above factors might have been temporary.
Analysts believe that tuna prices may recover in this first quarter and that the shrimp business should begin to look up in the second quarter, Reuters reports.
In Thai baht term, sales were reported at THB 26.3 billion (USD 876.2 million) in the fourth quarter of 2012, up 1 per cent from THB 26 billion (USD 866.2 million) in the fourth quarter of 2011. For the year, TUF reported a 6 per cent jump in dollar sales and 8 per cent in baht sales from THB 98.7 billion (USD 3.3 billion) in 2011 to THB 106.7 billion (USD 3.6 billion) in 2012.
“Considering our performance in the first nine months, we were still able to grow well especially in the 3rd quarter. Our sales and profits were able to reach New Highs outstandingly,” TUF Directors Kraisorn Chansiri and Chuan Tangchansiri wrote in a statement.
“Even though our overall annual profits did not meet the goal set, we were able to make some profits,” they highlighted.
President Thiraphong Chansiri said the company is aiming for 2013 revenues of USD 4 billion up from USD 3.4 billion in 2012, and anticipates revenues to reach USD 5 billion in 2015.
To get there, TUF will invest THB 6 billion (USD 201.5 million) a year over 2013-15 and plans to build two new plants in 2013, when it expects a higher net profit with a gross profit margin of 16 per cent.
(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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