Hung Hau Agricultural Joint Stock Company
Formerly known as Seafood Company No. 1, Hung Hau Agricultural Joint Stock Company now operates as a multi-sector food company, specializing in seafood and agricultural product processing and distribution.
Alongside its export activities, the company is strengthening its domestic market presence through its HappyFood brand. On April 9, 2025, the company inaugurated the HappyFood Vietnam factory in Sa Dec (Dong Thap), with an annual capacity of 15,000 tons of shrimp.
According to the audited consolidated financial report by Sao Viet Auditing Co., Ltd., for the fiscal year 2024-2025 (October 1, 2024, to September 30, 2025), Hung Hau Agricultural recorded a net revenue of over 2,407 billion VND, a growth of nearly 57%. This increase was primarily driven by the surge in semi-finished product and merchandise sales during the period.
The cost of goods sold for the year also rose by 58%, reaching 2,243 billion VND, resulting in a gross profit of 163.8 billion VND, a 36% increase compared to the previous year. Despite the positive growth in gross profit, the company’s gross profit margin narrowed from 7.8% last year to 6.8% this year.
Financial activities during the period showed mixed trends. Financial revenue increased by 51% to nearly 36 billion VND, mainly from interest income and foreign exchange gains. However, financial expenses surged to nearly 68 billion VND, with interest expenses alone accounting for 66.4 billion VND, a 44% increase year-over-year.
In addition to interest expenses, other operating costs also rose significantly. Selling expenses increased by 52% to nearly 35 billion VND, while administrative expenses surged by 85%, from 26.7 billion VND last year to 49.3 billion VND this year. Net profit from business operations reached 47.5 billion VND, a 14.5% increase compared to the previous year.
After accounting for other income and expenses, as well as corporate income tax, Hung Hau Agricultural reported an after-tax profit of 32.7 billion VND, a modest 4% increase from the 31.4 billion VND recorded in the 2024 fiscal year. The after-tax profit attributable to the parent company’s shareholders was 32.1 billion VND. Basic earnings per share (EPS) decreased from 1,295 VND to 729 VND due to an increase in the average number of outstanding shares during the year.
As of September 30, 2025, the company’s total assets reached 1,992 billion VND, a 48% increase from the beginning of the fiscal year. Within the asset structure, inventory accounted for a significant portion at 414 billion VND, a 9% increase from the start of the period.
Notably, short-term receivables from customers increased 2.5 times, reaching 297 billion VND. On the liabilities side, total debt rose by 39% to 1,366 billion VND, with short-term loans and finance leases accounting for the majority at 984 billion VND, a 45% increase from the beginning of the year, reflecting the substantial working capital needs for revenue expansion.
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