Minh Phu Seafood Corporation (MPC on UPCoM) has released its Q3 2024 financial statements, reporting impressive growth. With a 35% year-on-year surge, the company’s revenue reached VND 2,700 billion. Gross profit also increased by nearly 9%, totaling VND 202 billion.
The standout performer was financial revenue, skyrocketing to VND 319 billion—a staggering 32-fold increase year-on-year. This windfall primarily resulted from dividends received from subsidiary companies. Minh Phu Ha Giang Seafood JSC contributed the lion’s share of VND 270 billion, followed by Minh Phu Seafood Supply Chain LLC at VND 27 billion.
Source: MPC
However, financial expenses also rose by 48%, totaling VND 147 billion. This increase was mainly due to provisions for investment losses in subsidiary companies, including VND 63 billion at Minh Phu Kien Giang Seafood LLC and VND 46.5 billion at Minh Phu – Loc An Aquaculture JSC. Selling and management expenses also increased compared to the previous year.
Selling expenses witnessed a significant jump of over 74%, climbing to VND 151 billion, mainly driven by a surge in external service costs. After accounting for taxes and other expenses, Minh Phu posted an after-tax profit of over VND 198 billion, a remarkable turnaround from the VND 13.3 billion loss in the same period last year. This quarter’s performance marks the highest profit for Minh Phu in the last seven quarters.
For the first nine months of 2024, Minh Phu’s cumulative revenue reached VND 6,207 billion, a 33.5% increase year-on-year. The company’s after-tax profit stood at VND 135 billion, almost 17 times higher than the corresponding period in 2023.
As of September 2024, Minh Phu’s total assets amounted to VND 8,159 billion, an 8% increase from the beginning of the year. Investments in subsidiary companies accounted for 68% of Minh Phu’s assets, totaling VND 5,584 billion, with provisions of VND 1,488 billion. The largest provision was made for Minh Phu – Loc An Aquaculture JSC, with a book value of VND 1,020 billion and a provision of VND 720 billion.
Minh Phu Kien Giang Seafood LLC, with an initial investment value of VND 1,215 billion, had a provision of VND 619 billion. Minh Phu Aquaculture JSC, with an investment of VND 257 billion, saw a provision of VND 142 billion.
Inventories decreased by 6.4% from the beginning of the year to VND 1,789 billion. Meanwhile, short-term receivables witnessed a substantial increase of 88%, totaling VND 1,767 billion.
On the liabilities side, Minh Phu’s total liabilities as of September 2024 increased by 22.2% from the beginning of the year to VND 2,638 billion. The company’s financial debt stood at VND 2,041 billion, comprising solely short-term bank loans.
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