Seafood exporter Minh Phu reports surge in profits
In this article (4)
Minh Phu Seafood Corp., a leading shrimp exporter, reported consolidated after-tax profits of nearly VND840 billion (US$35.6 million) last year, up 27% from 2021 and its highest since 2015.
Its revenues rose by 20% to VND16.43 trillion.
According to the Vietnam Association of Seafood Exporters and Producers, shrimp exports were worth a record $4.3 billion last year after rising by 11% on high demand and high prices in the first half.
In the second half high inflation in major economies affected demand, and exports declined.
In 2022 shrimp exports to China grew by 61%.
Vietnam’s shrimp exports to it are expected to continue to surge this year after China’s reopening.
Questions & Answers
Q.What contributed to Minh Phu's profit increase last year?
What contributed to Minh Phu's profit increase last year?
Minh Phu's after-tax profits rose by 27% due to a 20% increase in revenues last year, reaching nearly VND840 billion. This was its highest profit since 2015.
Q.How did global economic factors influence the shrimp export market last year?
How did global economic factors influence the shrimp export market last year?
High demand and prices in the first half of the year drove an 11% increase in overall shrimp exports. However, high inflation in major economies negatively affected demand in the second half, leading to a decline in exports.
Q.Which market showed significant growth for Vietnam's shrimp exports in 2022?
Which market showed significant growth for Vietnam's shrimp exports in 2022?
Shrimp exports from Vietnam to China grew by 61% in 2022. Exports to this market are expected to continue surging this year following China's reopening.