Many unexpected events affected the operation of the seafood industry in 2022. However, in danger lies opportunity, the industry has overcome a difficult period and achieved unexpected results. Many seafood exporters have had a bumper business season.
Positive export growth has contributed to boosting the business results of enterprises. According to data from VietstockFinance, the total revenue of 11 seafood enterprises (on HOSE, HNX, UPCoM) reached VND 39.6 trillion, up 32% over 2021.
According to SSI Research, the trend of devaluation of VND against USD during the year also benefits seafood businesses with revenue recorded in USD.
The biggest beneficiary from exporting pangasius to the US and China was Vinh Hoan JSC (HOSE: VHC) with revenue of VND 13.2 trillion, up 46% over the previous year. VHC's financial income also reached more than VND 459 billion, more than double the previous year thanks to more than VND 363 billion of unrealized exchange rate difference and VND 81.5 billion of deposit interest.
Exceeding the expectation of profit after tax (PAT) in 2022 by 25%, Vinh Hoan reached the PAT milestone of more than VND 2 trillion; a net profit of more than VND 1.9 trillion, up 80% compared to 2022.
Also benefiting from pangasius exports, International Development and Investment Corporation - IDI (HOSE: IDI) and Navico (HOSE: ANV) increased revenue by 39% and 40%, respectively.
IDI's revenue reached VND 7.9 trillion, mainly from selling pangasius products and finished products accounted for 45%, and sales of fishmeal and fish fat accounted for 37%.
ANV's revenue in 2022 reached nearly VND 4.9 trillion and tended to decrease in the second half of the year. The business results in the fourth quarter recorded positive growth with an increase of 96% in net profit over the same period (VND 107 billion).
Compared to the ambitious PAT target of VND 900 billion for 2022, IDI only completed 62%. ANV fulfilled 77% of the plan with a pre-tax profit of nearly VND 774 billion. Although not meeting the annual target, in terms of growth, IDI and ANV are the two brightest enterprises reporting strong profits. IDI's net profit quadrupled to VND 543 billion, while ANV's profit increased 5 times to nearly VND 674 billion.
Compared to pangasius businesses, the revenue growth of shrimp exporters was quite modest but still high compared to the previous year.
FIMEX VN (HOSE: FMC) achieved revenue of VND 5.7 trillion, up 10%. Most of them were revenue from selling seafood, nearly VND 5.5 trillion, up 10%; revenue from financial activities (mainly interest on exchange rate differences) was more than VND 73 billion, up 84%.
At the end of 2022, FMC's pre-tax profit is VND 328 billion, exceeding 9% of the year plan. After deducting tax, the net profit reached VND 307.5 billion, up 15%.
Camimex Group JSC (HOSE: CMX) achieved more than VND 95 billion in profit after tax, equal to 32% of the year target. CMX's net profit only increased by 6% to VND 72 billion.
In general, the gross profit margin of seafood enterprises improved compared to the previous year, reaching an average of 16%, while the previous year only reached 13%. The gross profit margin of pangasius exporters is larger than shrimp enterprises.
Read more: Seafood Industry Report
Seafood Industry Report - December 2022