CL-FISH CORP: 2022 Quarterly Profit is equal to 2021 Yearly Profit

(seafood.vasep.com.vn) Cuu Long Fish Joint Stock Company (CL-FISH CORP) reported a net profit of nearly 6 times that of the same period last year, at VND 71 billion.

CLFISH CORP 2022 Quarterly Profit is equal to 2021 Yearly Profit

CL-FISH CORP (Stock code: ACL) recently released its financial statements for the first quarter of 2022 with many high-growing metrics, especially the profit after tax of the first quarter of 2022 is high than the figure for the whole of 2021.

Specifically, enterprises recorded net revenue of VND 315.3 billion in the first quarter of 2022, around the net revenue of VND 322 billion achieved in the first quarter of last year.

However, the cost of capital decreased by 25.6% to VND 215 billion, helping to increase gross profit from sales and service provision of CL-FISH CORP by more than triple y-o-y to VND 110 billion.

During the period, CL-FISH CORP observed a triple in the financial revenue in the same period to nearly 2 billion dong mainly thanks to the exchange rate difference; the cost of capital was reduced by 26% to VND 6.6 billion.

However, both selling and administrative expenses recorded an increase over the same period with an increase of nearly 3 times, at VND 21 billion and VND13 billion, respectively. Specifically, the increase in selling expenses mainly came from the increase in the cost of materials, packaging, and other transportation costs, while the increase in general and administrative expenses was driven by the increase in staff costs and deductions. provision for bad debts.

At the end of the first quarter of 2022, CL-FISH CORP made a pre-tax profit of VND 71 billion. It’s profit after tax was nearly 6 times higher than that of the same period last year, reaching VND 62.6 billion.

CL-FISH CORP held the Annual General Meeting of Shareholders in 2022 and approved the full-year business plan, which set a target of net revenue of VND 1,450 billion and a pre-tax profit target of VND 200 billion. copper. Thus, at the end of the first quarter, the company only completed about 22% of the revenue plan but fulfilled nearly 36% of the profit target assigned for the whole year.

As of March 31, the total assets of CL-FISH CORP  recorded more than VND 1,485 billion, flat compared to the beginning of the year. Inventories were recorded at VND 889 billion, up slightly by 4%. In which, the inventory structure including finished products accounts for 75%, production and business costs in progress account for 18%.

The enterprise's liabilities at the end of the first quarter decreased by 5% to VND 716 billion, mainly recorded as short-term loans.

According to CL-FISH CORP, in 2022, the company will focus its resources on farming and processing pangasius for export, not investing outside the industry, growing in depth in all aspects of production and business activities, diversifying products from pangasius with the goal of making pangasius become familiar to more markets.

Currently, the business environment of the pangasius industry is at its best after 2 years of persistent disease. The demand for pangasius abroad is at a high level, at the same time, the price of raw fish and export prices has also increased sharply. The price of raw pangasius has increased from 20,000 VND/kg to 32,000-33,000 VND/kg, approaching the previous record level of 35,000 VND/kg.

In addition to the supply shortage and explosive demand after the epidemic, the leaders of CL-FISH CORP said that the Vietnamese pangasius industry also received many advantages from the story of the Russia-Ukraine conflict.

After the recent world conflict, it will be more difficult for Russia's fish supply to enter the Western market as banned by the US, while the European Union (EU) and the UK are considering to impose tax and ban on seafood imports from Russia.

Most notably, Russian pollock, which competes directly with Vietnamese pangasius, is likely to be limited in Europe and this will create huge growth potential for the Vietnamese pangasius industry.

At the new General Meeting of Shareholders held on April 17, the Chairman of the Board of Directors of CL-FISH CORP shared: “Vietnamese pangasius has very similar characteristics to pollock and therefore, when Europe banned it, (or limit) import pollock from Russia, Vietnamese pangasius will have the opportunity to fill that gap. This April, Cuu Long An Giang will attend a big fair in Europe for promotion and take advantage of the possibility that Russian seafood is banned and the whole of Europe does not import Russian pollock.”

ACL's share price is also maintaining its growth momentum in recent sessions, closing the morning session on April 19 at VND 29,100/share (up 4.68%).

Compiled by Minh Trang


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PANGASIUS MARKET

Ms Ta Ha

Email: taha@vasep.com.vn

Tel: +84.24.3771.5055 (ext. 214)

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