(seafood.vasep.com.vn) Sao Ta (FMC - HoSE), a key subsidiary of PAN Group, has announced impressive business results for February. The company's shrimp production reached 1,913 tons, a 106% increase compared to the same period last year, while agricultural product production reached 67 tons, up 6%.
In February, FMC's sales volume reached 1,806 tons, up 84% YoY. Sales of agricultural products also increased by 9%, reaching 96 tons. Revenue for February was nearly 21 million USD, an 85% increase YoY, though it decreased by 19% compared to January. Cumulatively, in the first two months of 2025, FMC achieved revenue of 46.9 million USD (~1,200 billion VND), up 54% YoY.
Sao Ta has completed harvesting at the new farming area and is continuing harvest at the old farms, ensuring a stable supply of raw materials for processing. Notably, the company has decided to release shrimp stock for the off-season across the entire farming area, a bold move given the potential risks posed by weather conditions affecting the farming environment.
Chairman of the Board, Dr. Hồ Quốc Lực, shared, "No farm has dared to implement this on their entire farming area. The farming ponds are now being closely controlled and are expected to yield positive results."
In 2024, FMC achieved a net revenue of 6,913 billion VND and net profit after tax of 423 billion VND, an increase of 36% and 40%, respectively, compared to 2023, setting new records. Notably, the company completed its annual revenue target as early as October, despite challenges in the global shrimp industry and two trade lawsuits in the U.S.
Although FMC's standalone profit did not meet expectations, its subsidiary, Thực phẩm Khang An (KAF), accelerated growth, helping consolidated profit surpass the target, reaching 384 billion VND – the highest in the company’s history.
Dr. Hồ Quốc Lực commented that 2024 was a challenging year, as shrimp prices increased from Q3, while export prices remained low. Additionally, two anti-dumping and countervailing duty lawsuits in the U.S. added financial pressure, leading the company to set aside 38 billion VND for anti-dumping tax in 2023 and 10 billion VND for countervailing duties in 2024.
However, he emphasized, "Our export turnover grew by 25%, double the industry average, and we achieved the highest shrimp production in company history. These are proud results in a tough year."
For 2025, Sao Ta aims to reach an export turnover of 300 million USD and a profit of 500 billion VND, further asserting its strong position in Vietnam's seafood industry.