HAGL Agrico to continue losing before likely 2024 recovery: chairman

By Phuong Dong April 17, 2022 | 07:23 pm PT

One of HAGL Agrico's main produces - bananas. Photo courtesy of HAGL

Agriculture giant HAGL Agrico expects to make losses of VND2.7 trillion ($118 million) this year, up 140 percent from last year.

But it expects a 44-percent rise in revenues to VND1.73 trillion from harvesting 124,000 tons of fruits and over 10,000 tons of rubber.

The company attributed the likely losses to its crop restructuring over the last two years.

Its chairman, Tran Ba Duong, said the focus is on resolving past problems and expanding fruit farms.

Duong, who is also chairman of automaker Thaco, expects a thorny road next year before the business starts thriving in 2024.

HAGL Agrico is also set to double its investment this year to VND900 billion using funds borrowed from Thaco’s agricultural subsidiary Thagrico.

The money would be spent on crop restructuring and infrastructure development.

Duong became chairman of HAGL Agrico in 2021 replacing Doan Nguyen Duc.

He owns a 37.17 percent stake in it while Duc and HAGL hold 16.34 percent.