The business results for the third quarter of five pangasius enterprises on the stock market indicate a significant decrease in profits compared to the same period in 2022.
In the first nine months of 2023, pangasius exports reached over 1.4 billion USD, down 31% from the same period last year. Statistics on the business results for the third quarter of the five listed pangasius enterprises show a substantial decline in profits compared to the same period in 2022.
Vinh Hoan Corporation (VHC) recorded a third-quarter gross revenue of 2,698 billion VND, a 17% decrease from the same period last year. In the third quarter of this year, Vĩnh Hoàn’s after-tax profit was 201 billion VND, down 56% from the same period, attributed to the rising inflation and high pangasius inventory in importing countries, leading to a decrease in demand.
In the first two quarters of 2022, Nam Viet Corporation (ANV) and Cuu Long An Giang Seafood Import-Export Corporation (ACL) left a mark by achieving the highest gross profit margin among pangasius enterprises, reaching around 30-35% thanks to low-priced inventory. However, both companies have gradually declined, with gross profit margins of only 7.7% and 13.4% in the third quarter.
In the third quarter, Nam Viet recorded a gross revenue of 1,099 billion VND, down 11% from the same period in 2022. After-tax profit decreased from 120 billion VND in the third quarter of 2022 to 1 billion VND in the third quarter of this year, a corresponding decrease of 99%.
Furthermore, in the third quarter, the Investment and Development of International Corporation (IDI), a pangasius enterprise, had a gross profit margin of 6.3%, down nearly 5% point as compared to the same period of 2022, the lowest in the statistical group.
By the end of the first nine months of 2023, only Vinh Hoan and Ben Tre Seafood Corporation (ABT) are close to achieving their profit targets. Meanwhile, Nam Viet, IDI, and Cuu Long An Giang Seafood Import-Export Corporation have achieved only 21%, 37%, and 15% of their annual profit targets, respectively.
For the first ten months of 2023, pangasius exports reached 1.5 billion USD, down 28% from the same period last year. Export values are gradually improving in the late months of the year, with continuous positive growth in September and October compared to the same period.
VASEP forecasts that the pangasius export turnover in 2023 could reach about 1.8 billion USD. In October, Vinh Hoan’s export revenue in the Chinese market increased by 43% compared to October 2022. VASEP expects that Vietnam’s pangasius exports to China will further improve in late 2023 and in 2024.
Regarding the U.S. market, the inventory ratio of distributors and retailers has decreased to an average level, while consumer confidence indices are more optimistic. These factors support pangasius exports to this market, especially during the peak holiday season.
VFM
