PAN Group achieves outstanding growth in Q1
PAN Group achieves outstanding growth in Q1
The PAN Group JSC made impressive growth in the first quarter, recording net revenue and profit after tax of around $128 million and $7 million respectively, up by 75 per cent and 234 per cent on-year.
The result is attributed to large contributions from the fields of seed and rice varieties, shrimp exports, fumigation, and agrochemicals. This is considered to be the perfect momentum for further breakthroughs and impressive growth over the year.
According to the group's consolidated business results in the first quarter of the year, of the total net revenue, about $30 million was from Vietnam Fumigation JSC (VFG).
Compared to the same period in 2021, most of the companies witnessed sharp rises in their revenues: VFG was up by 38 per cent, Vietnam National Seed Group JSC (NSC) by 38 per cent, Bentre Aquaproduct Import and Export JSC (ABT) by 114 per cent, Sao Ta Foods JSC (FMC) by 37 per cent each.
Of the total after-tax profit, just over $3 million came from the liquidation of assets in Bibica. Excluding this income, the on-year growth in after-tax profit was 87 per cent.
Companies with significant growths in after-tax profit were FMC and Khang An Foods (KAF) up by 36 per cent, VFG up by 61 per cent, and NSC by 10 per cent. ABT in the period achieved an after-tax profit of over $300 million, a sharp increase compared to roughly $30,000 in the same period last year –after excluding the dividends received from FMC in Q1/2021.
Between January and March, the after-tax profit of shareholders of the parent company reached $3.35 million, up by 245 per cent over the same period last year. The major contributors included seed and rice varieties, shrimp exports, fumigation, and agro-chemicals.
This is expected to be a year of outstanding growth for The PAN Group as the demand for food is increasing due to global events. The PAN Group also completely consolidated the business results of VFC and this member company just signed a strategic cooperation agreement and received the distribution of two key products by Syngenta, helping to increase revenue by tens of millions of dollars.
In addition, a series of new factories for FMC and KAF is also a considerable growth driver for the group.
The annual general shareholders' meeting of The PAN Group, which took place on April 26, approved the business plan for the year with revenue of slightly over $620 million and after-tax profit of around $33 million, growing 54.6 per cent and 47.8 per cent respectively compared to 2021.
The group decided to temporarily not pay dividends for two years to devote resources to implementing its mergers and acquisitions strategy to meet growth needs in the future.
