Dabaco Group has set an ambitious revenue target for 2023 despite the group's recent underwhelming results.
Dabaco is aiming for $1 billion in revenue and $24.24 million in after-tax profit for 2023. This is despite earning VND2.93 trillion ($124.82 million) last quarter, a decrease in revenue of 4.3 per cent on-year.
Gross profit saw a decline of almost 60 per cent on-year to VND150 billion ($6.4 million) for the same period. It is the first quarter that the group has reported losses since 2017.
Revenue for the whole of 2022 reached VND12.26 trillion ($522.3 million), up 13.5 per cent on-year, however, after-tax profit fell by 82 per cent to VND150 billion ($6.4 million). These results equal 54 per cent of initial revenue targets and 16 per cent of initial profit targets.
The revenue target for 2023 is considered ambitious for the group due to the ongoing crises in the domestic and global economies, leading to increases in material, production, and logistical costs, and their impact on animal feed production
In addition, complications from diseases, especially African swine fever (ASF), are also a factor affecting companies working within the livestock industry.
Furthermore, the company failed to deliver its ASF vaccine as expected in late 2022 and is presently still in the final stages of completion of the vaccine before its official launch.
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By Ha Vy