According to its newly released consolidated semi-annual financial report, Minh Phu Seafood Corporation (MPC) recorded revenue of 6,485 billion VND, similar to the same period last year. Revenue from North America and Japan both saw double-digit growth, contributing 1,960 billion VND and 1,590 billion VND, respectively. Meanwhile, sales from Europe and Australia declined sharply.

The "shrimp king's" gross profit margin for this period was approximately 10.5%, nearly one percentage point higher than the same period last year. This, combined with increased foreign exchange gains and reduced selling and administrative expenses, helped Minh Phu achieve an after-tax profit of nearly 177 billion VND, about four times higher than the first half of last year.

In an explanatory letter sent to the Hanoi Stock Exchange on 15/8, Le Van Diep, Minh Phu's deputy general director, said the surge in profit was due to the company's focus on producing and selling value-added products.

Minh Phu has set a target for this year of 15,667 billion VND in revenue and 997 billion VND in after-tax profit, significantly higher than previous years.

In 2023 and 2024, the company reported losses of 105 billion VND and 190 billion VND, respectively. According to the management board, these losses were partly due to the company's focus on clearing inventory, resulting in a loss of 3-5 USD per kilogram. Previously, the company's inventory reached 20,000 tons at one point, but by the end of last year, it had decreased to 10,300 tons.

At the annual shareholders' meeting in late June, Minh Phu's leadership stated that after largely resolving the inventory issue, this year they are focusing on developing value-added products, which is their strength, instead of competing on raw material prices with Ecuador and India, the world's two largest shrimp exporters. They will also automate and upgrade production lines at their factories.

As of the end of June, Minh Phu's total assets exceeded 9,380 billion VND, with liabilities of around 4,240 billion VND. Undistributed profits are currently approximately 500 billion VND. This year, the company plans to pay a cash dividend of 2-8%, a plan approved by shareholders at the annual meeting.

Phuong Dong