AsemconnectVietnam - Sao Ta Food Joint Stock Company (code FMC - HoSE) announced estimates in 2023 to record sales of USD200.6 million and profits of VND300 billion.

By the end of 2023, Sao Ta Foods recorded sales of USD200.6 million, down 11.3% over the same period and 100% completed compared to the sales plan of USD200 million.
Of which, processed finished shrimp reached 21,198 tons, up 3% over the same period; Processed agricultural products reached 1,569 tons, down 20.8% over the same period; Consumption of finished shrimp reached 17,407 tons, down 3.7% over the same period; and finished agricultural product consumption reached 1,366 tons, down 24.2% over the same period.
Sao Ta Foods said that in general, there will be quite severe difficulties in 2023. The Company cannot avoid it but has tried to minimize the negative aspects. Although operations have decreased in sales, it is mainly due to consumer prices. Average consumption decreased by about 10%.
In addition, although the whole year's shrimp farming situation is not good, the Company's farming area has had quite positive results, contributing to reducing the final product cost, leading to a fairly stable profit level, reaching over VND300 billion (not announced before tax or after tax).
In addition, Sao Ta Foods also believes that the ongoing difficulties will continue to last, at least in the first 6 months of 2024. In that situation, FMC will know what to expect to maintain the pace of operations as well as take care of them. Take care of the lives of workers who have been with you for many years. FMC is also aware that the anti-subsidy lawsuit against the Vietnamese shrimp industry from the US plaintiff will be a significant challenge from 2024, forcing FMC to make calculations in business to minimize risks for itself. And first of all, we wholeheartedly join hands with our colleagues to handle each step according to the plaintiff's progress.
N.Nga
Source: VITIC/Tinnhanhchungkhoan