Minh Phu Corp accelerates production for export target in 2021

(seafood.vasep.com.vn) After slowing down in the third quarter due to the impact of Covid 19, business activities of enterprises in the Mekong Delta, including Minh Phu Corp (MPC), have been active again since October. Minh Phu has started a chain of 3 processing factories. seafood processing plants, including Minh Phat, Minh Quy and Minh Phu with the same capacity of 18,000 tons/year and Quang Minh Packaging Factory with a capacity of 5,000 tons/year.
Minh Phu Corp accelerates production for export target in 2021
Minh Phu Corp's fresh black tiger shrimp

In the third quarter of 2021, Minh Phu Corp (MPC)'s revenue decreased by 36.7% over the same period last year due to the impact of the Covid-19 pandemic, recording VND2,784 billion, but profit after tax increased by 18.6%, reaching more than 289 billions dong.

Le Van Diep, Deputy General Director of MPC, said that the fourth Covid-19 epidemic with the Delta mutation broke out throughout the southern provinces, causing disruptions in the supply chain of goods, including the shrimp industry.

Shrimp processing factories in the Mekong Delta all have to produce according to the "3 on-site" option combined with "1 route, 2 destinations", which has reduced shrimp processing capacity by 30-70%. , could not fulfill the orders for customers, leading to a decrease in revenue.

However, the demand of major shrimp export markets in the world increased, helping the Company to have better selling prices and higher profit margins, so profits still grew.

Accumulated for the first 9 months of 2021, MPC recorded net revenue of 8,887 billion dong, down 11% and profit after tax of 544 billion dong, up 14% compared to the first 9 months of last year.

Entering the fourth quarter, MPC is expected to continue to benefit from the increase in selling prices in the context that the demand for shrimp consumption at the end of the year continues to increase. MPC has received more than 3,200 employees inside and outside Hau Giang province back to work since mid-October. Returning to work will help MPC increase productivity, meet customer orders, and be the driving force for growth during this period. .

In 2021, MPC sets a revenue target of VND 15,775 billion, profit after tax of VND 1,092 billion.

By the end of October 2021, seafood export of Minh Phu Corp reached 323 million USD, accounting for 4.56% of the total seafood export turnover of the country. Minh Phu's shrimp products are exported to over 40 markets, including key markets such as the US, Japan, Canada, Australia, the Netherlands, Russia and many other markets.

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Ms Kim Thu

Email: kimthu@vasep.com.vn

Tel: 84.24.3771.5055 (ext 203)

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