Sao Mai Group expects revenue growth of up to 45 pct

By Phong Van   May 11, 2022 | 04:00 am PT
Sao Mai Group, a seafood export firm, has set a net revenue target for 2022 at VND8,300 billion, a year-on-year increase of 45 percent.

At the 2022 annual general meeting of shareholders, the firm said it also aims for VND900 billion in profit after tax, 6.3 times higher than the previous year.

A representative of the company's board of directors said the global demand for food in the first months of the year was positive, causing the pangasius export price to set new peaks with high density, with several markets locking in prices above $6 per kilogram, the highest level ever.

By the end of the first quarter of 2022, the company achieved more than VND1,000 billion in revenue and VND201 billion in after-tax profit, setting a quarterly profit record for the company.

Workers are seen at the factory of tools manufacturer Dai Dung in HCMCs Binh Chanh District. Photo by VnExpress/An Phuong.

Workers are seen at the factory of Sao Mai Group. Photo by Sao Mai Group

After the Lunar New Year holiday, the price of raw pangasius soared to approximately VND34,000 per kilogram, about to reach the milestone of VND35,000 per kilogram or even VND40,000 per kilogram, helping businesses win big from the difference in two stages.

A representative of the board of directors said, during Covid-19 pandemic, the company actively took the opportunity to increase stockpiles at reasonable prices. Thanks to a system of three modern cold storages, it has saved thousands of billions of dollars, with the price of less than VND20,000 per kilogram creating opportunities to make big profits as fish prices rice against limited supply.

"The ideal source of defensive goods is the driving force for businesses to implement appropriate business strategies at all times," the representative said.

"Europe will become the bright spot of Vietnam's pangasius industry in the near future. Canada, although newly exploited, will also become a potential market. The U.S. is the company's traditional market, in the segment of high-end product lines, which has always maintained growth over the years," he added.

A Sao Mai Super Feeds factory. Photo by Sao Mai Group

A Sao Mai Super Feed's factory. Photo by Sao Mai Group

Since 2010, the company has opened up the Chinese market. Mexico, Colombia and Brazil are the company's largest South American markets.

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