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Sao Ta Foods (FMC): Sales in July rebounded by 18% compared to the previous month, to USD21.3 million 

 Monday, August 14,2023

AsemconnectVietnam - Sao Ta Food Joint Stock Company (code FMC - HoSE) reported business results in July 2023.

Specifically, in July 2023, Sao Ta Food recorded a total sales of USD21.3 million, a sharp decrease compared to the same period last year (no specific announcement) but an increase of 18% compared to June 2023, showing that the trend is recovering.
In which, production of finished shrimp reached 2,338 tons, up 33% over the same period; production of finished agricultural products reached 66 tons, down 46% over the same period; finished shrimp consumption reached 2,531 tons, down 5% over the same period; consumption of finished agricultural products reached 187 tons, down 38% over the same period.
The company shared more about the situation of shrimp farming, mid-July finished stocking the new area. The old area is stocking the second crop, expected to complete the stocking on August 5, 2023.
Previously, in the second quarter of 2023, Sao Ta Foods recorded revenue of VND1,032.8 billion, down 26.8% over the same period and profit after tax recorded VND76.07 billion, down 35.8 % compared to the same period last year. In which, gross profit margin decreased from 11.7% to 8.5%.
It is known that, according to SSI iBoard data, from 2018 to 2022, Sao Ta Foods' gross profit margin has never dropped to 8.5%. In which, the lowest gross profit margin is in 2020, the Company recorded 9.73%.
During the period, gross profit decreased by 47% over the same period, corresponding to a decrease of VND77.64 billion, to VND87.56 billion; financial revenue decreased by 29.5%, equivalent to VND5.61 billion, to VND13.38 billion; financial expenses decreased by 30.5%, equivalent to VND5.22 billion, to VND11.89 billion; selling and administrative expenses decreased by 76.8%, corresponding to a decrease of VND38.78 billion, to VND11.69 billion and other activities did not change significantly.
Thus, in the second quarter, although Sao Ta Food reduced financial, sales and administrative expenses, it was mainly due to a sharp decrease in gross profit due to declining gross profit margin, the Company's profit still down 35.8%.
Accumulated in the first half of 2023, Sao Ta Foods recorded revenue of VND2,041.2 billion, down 25.5% over the same period and profit after tax recorded VND124.67 billion, down 22.4% compared to the same period last year.
In 2023, Sao Ta Food sets a business plan with total revenue of VND5,900 billion and pre-tax profit of VND400 billion. Thus, by the end of the first half of 2023 with pre-tax profit of VND128.32 billion, Sao Ta Food has only completed 32.1% of the year's profit plan.
Source: VITIC/Tinnhanhchungkhoan


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