**Minh Phu Seafood posts 34% decline in Q1/2024 profit despite revenue increase**
Minh Phu Seafood reported a 24.8 billion VND in Q1/2024 profit. Photo: Minh Phu.
Minh Phu Seafood Corporation (MPC) has recently公布 a consolidated financial statement for Q1/2024, showing a 34% year-over-year increase in net revenue to 1,316 billion VND. The cost of goods sold saw a 37% rise to 1,215 billion VND, while gross profit increased by 7.7% to 101.4 billion VND.
Financial revenue declined significantly to 37 billion VND, and financial expenses dropped by 79% to 26 billion VND. Selling expenses increased by 26% to 66.5 billion VND, and management expenses rose slightly by 4% to 21.9 billion VND.
After deducting taxes and other expenses, Minh Phu Seafood reported a 24.8 billion VND profit in Q1/2024, a 34% decrease compared to the same period last year.
As of March 31, 2024, MPC’s total assets reached 7,657 billion VND, a 1.1% increase from 7,571 billion VND at the beginning of 2024. Notably, the company’s bank deposits decreased by 86.4% to 40.3 billion VND.
The company’s inventories amounted to 2,176 billion VND, an 11.9% increase from 1,943 billion VND at the beginning of the year, including 17.2 billion VND in inventory write-downs.
Minh Phu Seafood’s liabilities as of March 31, 2024, were recorded at 2,229 billion VND, a 3.3% increase from the beginning of the year. The most significant change was in short-term payables to suppliers, which increased from 106 billion VND to 272 billion VND. Payables to employees decreased by 84% to 8.3 billion VND, while short-term loans and financial leases decreased from 1,874 billion VND to 1,722 billion VND.
In other news, Minh Phu Seafood has announced that it will hold its 2024 Annual General Meeting of Shareholders (AGM) in late June 2024.
The record date for shareholder registration is May 24. The meeting will take place at Minh Phu Seafood Corporation’s head office in Ho Chi Minh City.
Shareholders will vote on proposals for 2023 profit distribution, 2024 profit distribution plan, Board of Directors’ 2023 activity report and 2024 strategy, and the Supervisory Board’s report on 2023 business results, among other items within the AGM’s authority.
In its recently released annual report, Minh Phu Seafood set a production target of 56,000 tons for this year, generating 15,805.8 billion VND in revenue. Pre-tax and post-tax profits are expected to reach 1,125.6 billion VND and 1,021.5 billion VND, respectively.
On the stock market, MPC closed at 16,400 VND per share on May 3. With nearly 400 million shares traded on the UPCoM, the company’s market capitalization is approximately 6,558 billion VND.
