IDI CORP: Profit after tax is expected to reach 200 billion VND in the first quarter of 2022

( At the end of the first quarter of 2022, IDI CORP (IDI - HOSE) is expected to reach a revenue of more than 1,000 billion VND and an after-tax profit of 200 billion VND. This is the record level of quarterly profit of the company.
IDI CORP Profit after tax is expected to reach 200 billion VND in the first quarter of 2022
IDI Corp's skinless well trimmed fillet pangasius 

Pangasius price is currently skyrocketing to around 34,000 VND/kg and is about to break the record of 35,000 VND/kg. This helps businesses more active in raw materials through the associated farming areas.

The high demand of the world market also makes the export price of pangasius continuously set new highs. Prices in many markets reach above 6 USD/kg, the highest level ever.

According to Mr. Le Thanh Thuan, Chairman of IDI CORP, while farmers and businesses could not sell their goods due to the impact of the Covid-19 pandemic, IDI CORP had enough resources and actively took the opportunity to increase its inventory and buy a lot of properties at a cheap price.

When southern provinces strictly implemented social distancing due to Covid-19, IDI CORP has stocked up raw materials. Now, the high price of fish and the scarcity of supply both have created great opportunities for IDI.

The profit of the first quarter only partly represents the business trend, and according to IDI CORP, the profit drop point would be in the second and third quarters of this year.

In the fiscal year 2022, IDI CORP’s after-tax profit is expected to reach 900 billion VND, equivalent to an income per share of more than 4,000 VND. The above profit is calculated based on signed orders reaching high prices.

With favorable cash flow, IDI CORP’s Board of Directors (BOD) decided to submit to the General Meeting of Shareholders a plan to pay 15% of the cash dividends in the second and third quarters of this year. The BOD also decided to submit a plan to pay a cash dividend of 30% in 2022.

Notably, the BOD also asked for permission to advance a part of the 2022 dividends right this year. Hence, in 2022, IDI CORP’s shareholders will receive a total dividend of 45% in cash. This is also the highest cash dividend payment of IDI CORP since it was founded.

VASEP’s data indicate that in March, pangasius exports increased by 80% to 261 million USD with positive signs of demand in the major markets such as the US and China, the EU. Accumulated to the end of March 2022, pangasius exports reached 646 million USD, up 88% over the same period in 2021.

VASEP forecasts that seafood exports in April will still maintain growth momentum in major markets when trade activities and trade promotion have returned to normal. In which, pangasius will maintain the leading growth of 80%, followed by shrimp with a 20% increase.


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