AsemconnectVietnam - Sao Ta Food Joint Stock Company (stock code FMC - HOSE) announced its business estimate in January 2023.

Specifically, in January 2023, the Company estimated sales of USD15.2 million, down 47.4% over the same period. In which, production of finished shrimp was 581 tons, down 68.7% over the same period; finished agricultural products output 80 tons, down 51% over the same period; finished shrimp consumption was 1,111 tons, down 53% over the same period; and consumption of finished agricultural products was 163 tons, down 58% over the same period last year.
The company explained the reason for the decline in the first month of 2023 due to January 2023 only operated for 20 days, the rest was Tet holiday; shrimp raw materials are scarce because at the end of the season; and orders less than the same period.
Previously, in the fourth quarter of 2022, FMC recorded a net revenue of VND1,211 billion, down 16% compared to the same period in 2021 because the consumption market was affected by inflation and economic recession, so the consumption of FMC was also depressed, sales in this quarter compared with the same period only reached 84%.
Cost of goods sold also decreased by 15% to VND1,056 billion, leading to a 23% decrease in gross profit to VND154.5 billion.
This period, financial revenue of FMC increased sharply by 117%, reaching VND35.59 billion. Meanwhile, financial expenses also increased by 397% to VND38.15 billion and administrative expenses increased by 19% to VND32.52 billion. Selling expenses alone reduced by 53%, down to VND36.04 billion.
As a result, Sao Ta's profit after tax in the fourth quarter of 2022 reached VND81.31 billion, down 26% compared to the profit of the fourth quarter of 2021.
For the whole year of 2022, Sao Ta recorded VND 5,702 billion revenue, up 10% compared to 2021; in which, seafood sales reached more than VND5,488 billion, accounting for 96% of total revenue. Accordingly, profit after tax reached VND319.5 billion, up 11%.
In 2022, FMC sets a target of net revenue of VND5,290 billion and pre-tax profit of VND320 billion, up 11.3% and 10.7% respectively compared to 2021. Thus, with profit before tax reached VND328.4 billion, FMC exceeded nearly 3% of annual profit target.
N.Nga
Source: VITIC/Tinnhanhchungkhoan