HAGL reports highest profits in 8 years

By Anh Tu   November 13, 2022 | 03:00 pm PT
HAGL reports highest profits in 8 years
Workers process fresh bananas at a facility of Hoang Anh Gia Lai Group, February 2020. Photo by HAGL
Agricultural firm Hoang Anh Gia Lai reported a net profit of VND1 trillion (US$40.3 million) for the first 10 months of the year, its highest since 2014.

Its revenues topped VND3.65 trillion, and came mostly from fruits (VND1.9 trillion) and animal husbandry (VND1.1 trillion).

For the full year it eyes VND1.12 trillion in profits on revenues of VND4.82 trillion, the highest since 2015.

On the stock market, HAGL’s shares have halved in price since mid-September, closing at VND6,840 on Friday.

As of the end of the last quarter its accumulated losses were nearly VND3.6 trillion.

The company said, thanks to ongoing livestock projects, it hopes to gradually eliminate its accumulated losses.

Next year it plans to supply one million pigs and five million banana-fed chickens to the market.

HAGL also plans to build a meat processing factory as part of efforts to become a leading brand in the domestic market.

Its debts fell from a peak of more than VND35 trillion in 2016 to VND14 trillion by mid-2022.

It wants to sell subsidiary HNG to repay its bank loans of VND8 trillion next year. The company will fully repay bank loans by 2025, its chairman, Doan Nguyen Duc, has promised.

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