Vinh Hoan’s total revenue for July 2024 increased by 30% year-over-year, mainly due to the significant contribution from its tra fish products. In contrast, revenue from by-product sales decreased by 10%.
While sales to China decreased by 17% year-over-year, most of Vinh Hoan’s revenue increase in July came from exports to the US, with revenue in this market up 92% year-over-year.
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Vinh Hoan’s Revenue by Product Group
Core tra fish products increased by over 54% year-over-year Unit: VND billion
Source: Vinh Hoan’s July IR Newsletter
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Vinh Hoan’s Revenue by Market
The 92% increase in US market revenue and the 49% increase in other markets offset the decline in the Chinese market Unit: VND billion
Source: Vinh Hoan’s July IR Newsletter
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The business performance of the country’s largest tra fish exporter has been improving recently. The first two quarters of 2024 witnessed revenue growth compared to the same period last year and the previous quarter.
With consolidated net revenue of VND 6,050 billion and net profit of nearly VND 484 billion in the first half of the year, Vinh Hoan is on track to achieve the targets approved by shareholders for this year, as the first quarter is usually a low point in the tra fish export industry.
In 2024, Vinh Hoan’s management set business targets with two different scenarios. Accordingly, in more favorable conditions, the enterprise aims for a net profit of VND 1,000 billion.
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Vinh Hoan’s 2024 Business Plan
Source: Vinh Hoan’s 2024 Annual General Meeting Resolution
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