Agri major Hoang Anh Gia Lai reports highest profit in 5 years

Hoang Anh Gia Lai JSC, specialized in farming, recorded an after-tax profit of VND531 billion ($22.7 million) in the first six months of the year, 66 times higher than the same period last year.

The figure, equivalent to 47% of the year plan, is a record high since 2018.

The company's (HAGL) revenue reached VND1,867 billion ($79.81 million), the highest for the semi-annual period since 2019. Of this, the main source of income still came from fruit trees, bringing in VND1,094 billion ($46.77 million), accounting for 59%.

In the first quarter, HAGL sold 82,529 pigs and 109,807 tons of bananas, of which bananas for export and those for animal feed production are 81,569 tons and 28,238 tons respectively.

"The company is expected to soon achieve its set plan for the year and even exceed it by 20-30%," Doan Nguyen Duc, chairman of Hoang Anh Gia Lai, said in a letter to shareholders Tuesday.

The export price of bananas will be at the year's highest level from now to the year-end. In addition, the sales price of pigs increased by about 20% compared to the plan, while the output of pigs for sale is expected to double compared to the first half of the year.

After a huge loss of trillions of VND in 2019-2020 (VND1 trillion = $42.75 million), HAGL made a profit of VND128 billion ($5.47 million) last year.

The first half of this year's results continued to prosper, at more than four times higher than 2021 profits.

Positive business news helped HAGL's stock rebound on the Ho Chi Minh Stock Exchange, rising to VND11,000 per share on July 13, up 44% over a month ago.