Seafood sector expects rosier Q4 performance

The third-quarter financial statements of many seafood firms have mirrored stellar figures.

Accordingly, Vinh Hoan Corporation, Vietnam’s largest basa fish exporter, eyed $141.7 million in third-quarter consolidated revenue and $20 million in consolidated post-tax profit, equal 46 per cent and 79 per cent jumps on-year respectively.

Vinh Hoan has attributed the strong revenue and profit growth to a spiking export price.

Vietnam raked in $9.5 billion in seafood export value in the first 10 months, up 34 per cent on-year

In the first three quarters, the company counted a total $467.6 million in cumulative revenue and $78.9 million in cumulative post-tax profit, showing increases of 69 per cent and 180 per cent on-year respectively.

With such figures, the company has reached 83 per cent of the full-year revenue target and exceeded its full-year profit target by over 13 per cent.

Meanwhile, in the first nine months this year, Sao Ta Food JSC (FMC) posted a 20 per cent jump in cumulative revenue and 36 per cent jump in cumulative post-tax profit on-year, counting $195.2 million in revenue and $10.4 million in post-tax profit.

This means, by the end of September, FMC has reached 85 per cent of full-year revenue target and 77 per cent of the full-year profit target.

In Q3, Nam Viet Seafood JSC raked in $53.8 million in consolidated revenue, equal 89 per cent jump on-year, and $5.17 million in post-tax profit compared to loss level surpassing $565,000 one year ago when it was hardly hit by COVID-19.

In the first three quarters, the company eyed $163.1 million in cumulative revenue and $24.6 million in cumulative post-tax profit, equal increases of 54 per cent and 660 per cent on-year, respectively.

Minh Phu Corporation, Vietnam’s major shrimp exporter, however witnessed a less upbeat Q3 when the company’s revenue shed 9 per cent on-year to $105.3 million, and post-tax profit fell by 14.7 per cent to $8.56 million.

Thanks to buoyant business results in the first half this year, the company still posted $315.5 million in cumulative revenue in the first three quarters, a slight increase on-year, whereas its cumulative post-tax profit rose 4.4-fold to reach $21.2 million.

According to the Vietnam Association of Seafood Exporters ad Producers (VASEP), businesses in the seafood sector would encounter a host of difficulties in the last quarter this year.

Rising expenses would push up the production cost and adversely affect the competitiveness of made-in-Vietnam seafood items in the global market.

VASEP, however, reported that many seafood businesses aspire to a healthy growth in the last quarter, leveraging spiking demand for seafood products at year-end festive season.

By the end of October, Vietnam’s seafood export generated $9.5 billion, showing a 34 per cent jump on-year.

With such figure, the country became the third-largest seafood exporter worldwide, just behind China and Norway.

Listed firms expect rosier third-quarter profits Many listed firms anticipate a fair growth in their third-quarter profit pictures, partly leveraging low developments a year ago when pandemic repercussions reached their peak.

Strong rebound in seafood exports to Russia Once falling to a standstill due to the impacts of the Russia-Ukraine conflict, Vietnam’s seafood exports to Russia are now showing inspiring results after the last few months.