HAGL sees revenues triple in first quarter

By Phuong Dong May 4, 2022 | 06:37 am PT

HAGL's bananas displayed on supermarket shelves. Photo by VnExpress/Phuong Dong

HAGL saw its revenues tripling to VND802.6 billion ($34.94 million) in Q1, showing signs of recovery after years of gloomy business results.

Some 74 percent of its revenues, or VND586 billion, were from fruit and pig sales.

It also posted profits of VND249.3 billion, the quarterly highest since Q3 of 2018, against losing VND70 billion in the same period last year.

The company invested around VND1.92 trillion in development of its fruit orchard and animal farm in Q1, raising total funding for the two to VND5.22 trillion.

HAGL Chairman Doan Nguyen Duc said it is planning a public offering of 162 million shares this year to raise VND1.7 trillion for planting another 2,000 hectares of bananas and building nine new pig farms this year.

It eyes profits of VND1.12 trillion on revenues of VND4.82 trillion this year, the highest since 2015.