Navico (ANV) completed 45% of the year’s target profit after 4 months.

( Navico Corporation (Navico) announced in its business situation in April 2022, with the record revenue of VND 433 billion. The company achieved 164 billion VND in gross profit and 116 billion VND profit after taxes.

Navico's revenue structure in April comes from three main segments, of which fish products contributed 78%, fish oil accounted for 10% and fish cakes made up 8% of total revenue.

By export market, Navico's revenue in April came from 5 main markets. The largest market was the domestic market (Vietnam), contributing about 32.6%. The second-largest market was Thailand, accounting for about 16.4%. Followed by the Chinese market, which made up 7.3%, the Mexican market accounted for 6.4%, and the Brazilian market for about 3.8%.

Chú thích ảnh

The company accumulated revenue in the first 4 months reached 1,644 billion VND. Profit after tax was 323 billion VND, reaching 45% of the whole year's target. Gross profit margin improved from 19% to 32% after 4 months of business.

In the context of the thriving pangasius industry, Navico sets a goal of 4,900 billion VND in revenue, and 720 billion VND in pre-tax profit in 2022, increasing 40% and 377% respectively compared to 2021.

Viet Dragon Securities (VDSC) assesses that Navico's ambitious plan is feasible thanks to a series of favorable factors for ANV such as the increasing demand for pangasius and the recovery of the Chinese market and the ability to return exporting to the US with high selling prices.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP),  demand for pangasius in markets is recovering and exploding strongly after 2 years of restraint due to the COVID-19 pandemic. Besides, supply is not enough to meet demand affecting prices to increase.

Pangasius exports in April were estimated at $263 million USD, bringing the export value in the first four months of the year to $894 million USD, up 89.4% over the same period in 2021.

Compiled by Thuy Linh

Sources: Vietnam securities economic magazine

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