Catfish revenue declines in 2023, IDI net profit drops 87%

IDI (HOSE: IDI), a leading investment and development corporation, has reported disappointing business results for 2023, with a drastic 87% drop in net profit compared to the previous year, totaling 72 billion Vietnamese dong.


In terms of revenue structure in 2023, sales of goods, processed tra fish decreased by 19% compared to the previous year to 2,896 billion dong; revenue from the sale of fish meal and fish oil also decreased by 2% to 2,885 billion dong. On the other hand, revenue from the sale of animal feed increased by 2% to 1,372 billion dong.

After deducting the deductions, in 2023, IDI had a consolidated net revenue of 7,221 billion dong, a decrease of 9%.

At the same time, financial activities generated revenue of 218 billion dong, an increase of 30%. Among them, over 11 billion dong came from dividends, profit distribution, and 20 billion dong came from selling investments, which were not recorded in the previous year.

Source: Company’s Financial Statements

On the other hand, financial expenses also increased by 34%, reaching 412 billion dong; interest expenses accounted for 362 billion dong, an increase of 55%.

In 2023, IDI had a after-tax profit of 88 billion dong and a net profit of 72 billion dong, a decline of 84% and 87% compared to the high base of the previous year. Compared to the after-tax profit target of 186 billion dong, IDI achieved more than 47% and did not meet the annual target.

In the fourth quarter alone, IDI had a net profit of 16 billion dong, a decrease of 23% compared to the same period.

On the balance sheet, the scale of assets of IDI at the end of 2023 reached 8,277 billion dong, an expansion of more than 2% compared to the beginning of the year. Cash and cash equivalents increased strongly by 74%, reaching 1,112 billion dong. The largest item was short-term receivables, which decreased by 16%, recording 2,151 billion dong. On the contrary, inventories increased by 2% to 1,571 billion dong.

The amount of debt to be paid was 4,841 billion dong, an increase of 3% compared to the beginning of the year. Among them, short-term loans and financial lease liabilities reached 4,090 billion dong, an increase of 5%.

Kha Nguyen

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