However, both sales and net profit have grown for the firm. "If TUF wants to achieve 15 per cent growth in 2012, revenue must grow by 20 per cent in the second half," announced deputy general manager Wai Yat Paco Lee at a Stock Exchange of Thailand (SET) this week.
"I think we'll likely make it, but it won't be easy," he added. He noted that last year's revenue mark hit about THB 100 billion (USD 3.2 billion) and said the price of raw tuna has climbed by 40 per cent since last year, which may have a psychological impact on customers' purchasing decisions when market competition is high, Bangkok Post reports.
TUF had a net profit jump of 21 per cent to THB 2.47 billion (USD 78.4 million) in the first half of the year, as sales rose by 10 per cent to THB 52.1 billion (USD 1.7 billion) year-on-year.
However, in Q2 2012, net profit fell by 22 per cent year-on-year to THB 1 billion (USD 31.2 million) despite an 8 per cent surge in sales to THB 26.8 billion (USD 850.8 million).
The drop in profit was mainly attributable to an extraordinary item worth THB 400 million (USD 12.7 million) due to amortisation of a deferred finance fee incurred by the acquisition of MW Brands last year. Without such payment, profit rose by 9 per cent from year-on-year to a record high of THB 1.4 billion (USD 44.4 million).
TUF president Thiraphong Chansiri said the overall performance in the first half of the year demonstrates the company’s continued growth despite a price hike in raw materials, persistent volatility of the national currency and economic volatility in the west.
"Our business involves staple food products for basic consumption," he said. "Persistent economic crisis may even help the company to cover new potential investment opportunities in Europe."
Although TUF faces relatively tough market competition in the US, it still presents strong results and profit margins.
TUF will capitalise on emerging opportunities from the upcoming Association of Southeast Asian Nations (ASEAN) Economic Community for its greater aggressive regional presence. The firm is also exploring opportunities in Myanmar, Vietnam, Laos and Cambodia.
Thiraphong assured that Europe's economic crisis has had no negative impact on the group and that MW Brands in Europe continued to deliver a robust performance with stable margins.
(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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