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PAN Group (PAN): Profit in Q3/2023 increased by 35.8%, to VND192 billion 

 Sunday, November 12,2023

AsemconnectVietnam - PAN Group Joint Stock Company (PAN code - HOSE) recorded a profit of VND192 billion in the third quarter, cumulatively in the first 9 months of 2023 recorded a profit of VND456 billion, down 15.4% over the same period.

The PAN Group's third quarter 2023 business results recorded consolidated net revenue of VND3,703 billion, a slight increase of 3.3% over the same period last year, cumulative revenue of the first 9 months of 2023 reached VND9,008 billion, narrowing the impressive decline from a decrease of 14% in the first 6 months of the year to a decrease of 8% over the same period last year. This result was contributed by strong recovery and growth over the same period from most main business segments in the third quarter.
The third quarter of 2023 continues to be a difficult period in the main export markets of the seafood segment, leading to the largest decline in revenue from this segment in the PAN Group's total revenue. Inflation in markets such as the US and EU has increased, causing people to tighten spending, consumption scale has decreased, and export prices have also decreased. In addition, the 2022 comparison is also a record high for the seafood segment ever. However, fisheries began to witness positive signs in the third quarter, reflecting a good recovery after a difficult time from the beginning of the year.
Also in the difficult context of the general market with many negative impacts from the beginning of the year, agriculture and food are still bright spots with impressive results in the third quarter, whereby the growth motivation comes from anchored rice prices, leading to a sharp increase in demand in the agricultural input market.
In the third quarter of 2023, profit after tax shows a growth of 35% over the same period with motivation coming from the recovery of main business segments and good performance from the Group's financial activities.
Accumulated for 9 months, the consolidated after-tax profit of the parent company's shareholders decreased by 13% over the same period. The reason is that in the first 9 months of last year, the Group recorded a profit of 43 billion from asset transfer transactions. If calculating the results of main production and business activities in the first 9 months of 2023, the group will achieve profit growth of nearly 7% compared to the same period last year.
Profit after tax in the agricultural segment decreased by 7% over the same period, the main reason coming from increased input costs, including capital costs affected by high interest rates. In addition, the price of input materials, mainly fresh rice, increased sharply, while output revenue (mainly rice varieties) did not keep up during this period, leading to a decrease in profit margin.
In the seafood segment, although revenue decreased by 14.8%, profit after tax only decreased by about 9% thanks to the efficiency of autonomous farming areas. Transportation costs also dropped sharply compared to their highs in the same period in 2022. This is also a positive number compared to the industry average decline.
In the food segment, profit margin after tax decreased in the context of input materials such as sugar and eggs increasing. Due to the general influence of the market, most products have reduced prices to prioritize the Company's cash flow goals, in parallel with profit goals.
In general, third quarter business results increased over the same period and had good growth compared to the first two quarters of 2023, reflecting the recovery in business of the seafood segment when orders have increased again since May 2023.
In the first 9 months of 2023, the Group completed about 60% of the revenue plan and 50% of the net profit plan for shareholders. The main business segments, especially seafood, have not recorded a recovery as expected, leading to a low rate of plan completion after the first 3 quarters of the year. In addition, the domestic market also encounters many unpredictable fluctuations in prices, production costs, domestic demand and inflation.
Thus, completing the 2023 business plan still has many challenges in the context that the recovery speed of the seafood segment has not met expectations. The last 3 months of the year will be the peak business season for all business segments of the PAN Group.
Source: VITIC/Tinnhanhchungkhoan


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