AsemconnectVietnam - Vinh Hoan Joint Stock Company (code VHC - HOSE) continued to record revenue growth in November 2024 but showed signs of slowing down, down 20% compared to October 2024.

In November 2024, Vinh Hoan recorded total revenue of VND968 billion, up 13% over the same period last year and down 20% compared to October 2024 revenue.
In which, if considering by consumption market, the US market recorded VND298 billion, up 40%; the European market recorded VND163 billion, up 32%; the Chinese market recorded VND80 billion, up 32%; the domestic market recorded VND297 billion, down 9%; and other markets recorded VND130 billion, down 1%.
Previously, in October 2024, Vinh Hoan recorded total revenue of VND1,206 billion, up 59% over the same period. Of which, the US market increased by 161% to VND441 billion; the Chinese market increased by 80% to VND144 billion; the Vietnamese market increased by 22% to VND280 billion; the European market increased by 16% to VND182 billion; and other markets increased by 31% to VND159 billion.
Previously, according to the business results report for the third quarter of 2024, Vinh Hoan recorded revenue in the quarter of VND3,277.91 billion, up 21.5% over the same period, the parent company's after-tax profit recorded a profit of VND320.63 billion, up 68.2% over the same period. In which, gross profit margin increased from 10.6% to 17.7%.
In the first 9 months of 2024, Vinh Hoan recorded revenue of VND9,329.34 billion, up 22.1% over the same period, and the parent company's after-tax profit reached VND808.32 billion, down 4.8% compared to the first 9 months of 2023.
It is worth noting that in the first 9 months of 2024, when freight rates increased on many transcontinental routes from the end of April 2024 to present, the pressure on sales costs of seafood enterprises also increased. In particular, in the first 9 months of 2024, Vinh Hoan's sales costs increased by 48.5% over the same period, equivalent to an increase of VND74.6 billion, to VND228.55 billion.
Vinh Hoan further explained that transportation, storage and other service costs in the first 9 months of 2024 increased from VND76.09 billion to VND140.37 billion.
It is known that in 2024, Vinh Hoan has set a business plan with two scenarios, a high scenario and a basic scenario.
For the basic scenario, Vinh Hoan plans to have revenue of VND10,700 billion, up 6.6% year-on-year, and the parent company's after-tax profit is expected to be VND800 billion, down 12.9% compared to the actual performance in 2023.
For the high scenario, revenue is expected to be VND11,500 billion, up 14.6% year-on-year, and the parent company's after-tax profit is expected to be VND1,000 billion, up 8.8% compared to the actual performance in 2023.
Thus, ending the first 9 months of 2024 with a profit of VND808.32 billion, Vinh Hoan has completed 101% of the profit plan of VND800 billion and completed 80.8% of the profit plan of VND1,000 billion in 2024.
N.Nga
Source: VITIC/Tinnhanhchungkhoan