Vinh Hoan Corporation achieves remarkable revenue from pangasius exports in January 2024
Vinh Hoan Corporation has made a significant mark at the beginning of the year by announcing its business results for January 2024 with revenue reaching 921 billion VND, a 102% increase compared to the same period last year. Notably, the Corporation saw a noticeable surge in the US, Europe, and particularly a breakthrough in China.
Specifically, exports of the main pangasius products reached 448 billion VND, up 64% from the same period. Revenue from by-products reached 175 billion VND, an increase of 3.2 times compared to the same period last year.
Additionally, VHC recorded revenue from C&G (Collagen and Gelatin) products of 74 billion VND, 3.4 times higher than the same period last year. Revenue from rice products (16 billion VND), puffed cakes (40 billion VND), and other products (160 billion VND), up 149%, 78%, and 142% respectively.
According to VHC, in January 2024, pangasius exports to major markets recovered well, especially experiencing significant growth in China. Revenue in the Chinese market (117 billion VND), the US (185 billion VND), and Europe (154 billion VND) increased by 259%, 59%, and 33% respectively compared to the same period last year. Revenue in the domestic market reached 325 billion VND, also increasing by 137%.
In 2023, the decline in exports to the US market affected VHC’s business results which were not as good as the previous year. The revenue of over 10,000 billion VND and net profit of over 896 billion VND were reported, decreasing by 24% and 54.6% respectively compared to 2022.
VASEP forecasts that seafood exports will recover and grow strongly in the second half of the year. With adaptation and adjustments to market conditions, it is predicted that seafood enterprises will help the export turnover of the industry recover to around 9.5-10 billion USD in 2024. In particular, the pangasius industry is expected to reach about 1.9 billion USD.
Vietcombank Securities (VCBS) believes that VHC’s export market will show advantages in 2024. In the US market, the company enjoys a 0% anti-dumping tax rate, improved pangasius prices due to recovering demand; and the gross profit margin also improved due to reduced input costs for fish feed.
VFM
