Major meat producer Vissan's 2022 profit drops 8% to $6 mln

Vissan JSC, a leading meat producer in Vietnam, gained a post-tax profit of VND137.55 billion ($5.87 million) in 2022, down 7.7% year-on-year.

The firm, a member of the state-run Saigon Trading Group (Satra), recorded a revenue of VND3.83 trillion ($163.47 million) in the year, down 10.7%.

In the fourth quarter, Vissan, registered on the unlisted public company market UpCOM as VSN, earned a post-tax profit of VND40.05 billion ($1.71 million) on a revenue of VND1.03 trillion ($44.08 million), up 36.9% and 13.4% year-on-year, respectively.

The firm attributed the growth to the post-pandemic recovery after the last quarter of 2021 was severely impacted by Covid-19.

Vissan is among the biggest pork suppliers to Ho Chi Minh City, Vietnam’s biggest city. The firm’s major products are fresh and frozen pork, beef, poultry, sausages, and canned foods.

Its products are available in all 63 localities of Vietnam via major retailers like CoopMart, Satra Mart, Mega Market, Lotte Mart, and its own network of 130,000 stores.

VSN shares closed the UpCOM trading session last Thursday, the last day before the country's Lunar New Year holiday, at VND29,500 ($1.26).