Tuesday, December 3,2024 - 9:18 GMT+7  Việt Nam EngLish 

Sao Ta (FMC) reached USD20.3 million revenue, up 25% in September 

 Sunday, October 15,2023

AsemconnectVietnam - Sao Ta Food Joint Stock Company (stock code FMC - HOSE) has just announced the Company's consolidated operations in September.

Accordingly, in September, the Company's finished shrimp production reached 2,339 tons, an increase of 57% over the same period last year. Consumption of finished shrimp reached 1,799 tons, up 39% over the same period.
Production of finished agricultural products reached 85 tons, down 26% over the same period, but up 13% over the previous month. Consumption of finished agricultural products reached 128 tons, up 93% over the same period last year.
FMC's overall September revenue reached USD20.3 million, up 25% over the same period last year. FMC said that the Company is in the process of recovery, shortening the decline in the first 6 months of the year to 16%. This number does not appear to be a positive factor at first glance, but if compared to the entire industry, this number creates a significant impression.
Currently, Sao Ta is focusing on processing high-end orders for contracts delivered in the fourth quarter.
In addition, the shrimp farm is in the process of harvesting, has collected nearly 2,000 tons, contributing to proactively using raw materials and reducing final product costs. The harvest period lasts until November, and will continue feeding immediately after that.
In the latest commentary on FMC, ABS Research forecasts that FMC's 2023 revenue and profit after tax will be VND5,155 billion (down 9.6% over the same period) and VND296 billion (down 4.1%, compared to the same period). EPS and book value of shares are 4,531 VND/share and 34,996 VND/share, respectively.
The above forecast is based on a number of assumptions including Japanese market revenue increasing slightly by 2% over the same period; US market revenue decreased slightly by 2%; EU market revenue and other markets decreased by 10% and agricultural product revenue decreased by 10%.
In addition, thanks to the price of raw shrimp remaining at a low level and FMC having just expanded its farming area to increase the autonomy of input material sources to 40%, ABS believes that the gross profit margin of the second half of 2023 of the business will be significantly improved. However, due to the influence of an unfavorable general market context and the rather negative results of the first half of 2023, FMC's gross profit margin for the whole year 2023 will be at 9.6% (down 140 basis points compared to over the same period) and recover to 10.6% in 2024 (up 100 basis points over the same period).
N.Nga
Source: VITIC/Tinnhanhchungkhoan
 

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