PAN Group Announces Increase in Revenue and Profits

VIETNAM, May 8 –

Shrimp production at Sao Ta Foods JSC, one of PAN Group’s subsidiaries. — Photo courtesy of the company

HCM CITY – PAN Group JSC reported net revenue and profit after tax of nearly VNĐ2.95 trillion ($128.68 million) and VNĐ168 billion ($7.34 million) in the first quarter, a year-over-year increase of 75% and 234% percent.

According to its consolidated business results, most member companies saw their revenues rise sharply compared to the previous year.

They increased by 38% at Vietnam Fumigation Joint Stock Company (VFG), Vietnam National Seeds Group (NSC) and Long An Food Processing Export JSC (LAF), by 114% at Bến Tre Aquaproduct Import and Export JSC ( ABT) and 37% at Sao Ta Foods JSC (FMC) and Khang An Foods (KAF).

Companies with significant earnings growth were FMC, KAF (both up 36%), VFG (61%) and NSC (10%).

ABT made an after-tax profit of VNĐ7 billion this year, compared to VNĐ700 million last year.

After-tax profit attributable to shareholders of the parent company reached 77 billion VND, up 245 percent from the same period last year. Growth came mainly from seeds and rice, shrimp exports, fumigation and agrochemicals.

This year should be a year of exceptional growth for the company as the demand for food increases after the pandemic and the uncertainties caused by the war in Ukraine.

Another subsidiary, the Vietnam Fumigation Company, recently signed an agreement to distribute two key products from global giant Syngenta, which are expected to help boost revenue by trillions of đồng.

A number of new factories commissioned by Sao Ta Foods JSC, Khang An Foods and 584 Nha Trang are also significant growth drivers for the company.

At its annual general meeting on April 26, shareholders approved the business plan for 2022 with revenue of VN14.3 trillion and profit after tax of VN755 billion, up 54.6% and 47.8% compared to last year.

The company has decided not to pay dividends for 2021 and 2022 and instead use resources to fund growth. —VNS

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