FMC starts off strong: January revenue increases by 26% compared to last year

FMC, a leading food company listed on the HOSE (stock code: FMC), has had a highly favorable start to 2024, with a revenue of $19.2 million in January, showing strong growth compared to the same period last year.

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In the January 2024 report, FMC recorded a production of 1,250 tons of finished shrimp, double the same period. The production of agricultural products reached 65 tons, equivalent to 80% compared to the same period last year.

The consumption situation is also positive in the first month of the year. Specifically, the consumption of finished shrimp reached 1,614 tons, an increase of 45% compared to the same period last year, while the consumption of agricultural products reached 189 tons, an increase of 16% compared to the same period last year.

In total, the revenue reached 19.2 million USD in January 2024, an increase of 26% compared to the same period.

According to FMC’s sharing, the company’s processing plants are busy processing orders, preparing for the early Lunar New Year shipments immediately after resuming work after the 8-day long Tet holiday.

“This year, shrimp farm workers and company executives will experience their first Lunar New Year at the shrimp farm, as this is the first year the company has deployed shrimp farming in the reverse season, having released seeds since late November 2023,” FMC said.

These results also continue the positive achievements of the last quarter of 2023. In the fourth quarter of 2023, the shrimp industry giant recorded net revenue of 1,253 billion VND and net profit of 82 billion VND, corresponding to an increase of 3% and 6% respectively compared to the same period. According to FMC, positive results come from “the farming areas having relatively good results, contributing to reducing the cost of the final product, leading to a fairly stable profit”.

2024 Plan

According to the 2024 action plan, FMC will pursue a new goal of exploring large neighboring markets in Vietnam. Specifically, the company will continue to strengthen the development of the Japanese market, maintain existing markets, and focus on step-by-step penetration of the Chinese market. At the same time, improve and diversify products that are suitable for workshop conditions, especially promoting deep processing products with added value.

Currently, FMC has 3 factories (Nam An, Sao Ta, and Tin An) and 2 large shrimp farming areas, with an expected supply volume of over 16,000 tons/year.

Among them, Nam An factory (mainly 3 items: peeled shrimp, shrimp breaded, and fried shrimp) is expected to process over 12,000 tons of finished products per year; Sao Ta factory (mainly 2 items: sushi and fresh/boiled IQF shrimp) is expected to process over 7,000 tons of finished products; while Tin An factory (mainly 2 items: shrimp breaded and fried shrimp) is expected to process over 2,000 tons of production.

The farming areas will continue to strive to achieve maximum production and reduce costs, increase efficiency. At the same time, actively prepare for anti-dumping and anti-subsidy work in 2024.

Thien Van

SOURCEvietstock
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