FIMEX VN: Sales of a seafood company increased by nearly 40% in the first quarter

( FIMEX VN ranks 4th position among Vietnam shsrimp exporters in 2021 with 166 million USD from shrimp sale. In the first 3 months of the year, FIMEX VN’s sales reached about 1,338 billion VND, increased by 39% over the same period last year, and fulfilled a quarter of the annual sales plan.
Products of FIMEX VN

FIMEX VN (Code: FMC), a member of the PAN Group, has just announced that its March sales reached 18.5 million USD (422 billion VND), up nearly 6% over the same period last year.

In March, the company's finished shrimp products reached about 1,960 tons, compared to 1,489 tons in the same period last year. Finished agricultural products also grew at 270 tons, 2.2 times higher than the same period last year. Farmed shrimp, in general, grew stably, which was quite good for the whole farm.

Accumulated in the first 3 months of the year, FIMEX VN's sales reached 58.7 million USD (about 1,338 billion VND), up 39% over the same period last year.

In 2022, FIMEX VN plans to achieve consolidated sales of 230 million USD (about 5,290 billion VND), an increase of 11.3%; profit before tax is expected to reach at least 320 billion VND, up 10.7% compared to 2021. Hence, in the first 3 months of the year, FIMEX VN has fulfilled about 25.5% of the annual sales plan. 

According to SSI Research’s latest report, in 2022, FIMEX VN may focus on its main export market, Japan (accounting for 28% of total export turnover in 2021), due to less competitiveness, the higher average selling price, as well as Japan's preference for value-added products and lower transportation costs. However, as demand in the US remains strong, FIMEX VN has recently signed a new contract with Costcowhorors supermarket.

Experts estimate that FIMEX VN shrimp sales will increase by 20% this year, while the average selling price of shrimp will increase by 2.5% over the same period. Although the cost of raw shrimp does not fluctuate like pangasius, FIMEX VN is expected to improve its gross profit margin in 2022 from 10.2% in 2021 to 11% in 2022, due to the expansion in Japan market.

Compiled by Phuong Linh

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