'Shrimp king' Minh Phu reports highest quarterly profit in 4 years

Minh Phu Seafood Corporation, Vietnam’s leading shrimp exporter, reported after-tax profit of VND332 billion ($13.38 million) in the third quarter of the year, up 15% year-on-year, the highest quarterly profit in four years.

The company (MPC) recorded net revenue of VND5,141 billion ($207 million) in the period, up nearly 85% year-on-year, the highest revenue since the third quarter of 2019.

In the first nine months of the year, MPC reached a net revenue and after-tax profit of VND13,871 billion ($559 million) and VND574 billion ($23.13 million), up 56% and flat compared to last year, respectively.

By September 30, 2022, MPC's total assets hit VND10,903 billion ($439.3 million), up 14% compared to the beginning of the year, mainly due to an increase in inventories.

On the Unlisted Public Company Market , the MPC price hit VND16,800 ($0.68) per share at the closing session on Friday.

In July, the company signed a deal with Singapore-based cultivated meat and seafood firm Shiok Meats to carry out research and development on cell-based shrimp products.

Accordingly, the duo will jointly establish an R&D center in Vietnam and explore opportunities to develop, produce, market and distribute cultivated shrimp products.

Minh Phu has been Vietnam’s largest shrimp producer and exporter for several years. Based in the Mekong Delta’s Ca Mau province, the company has in recent years focused investments on upgrading shrimp farming technology.

It’s main export markets are the U.S., European Union, Australia, New Zealand, Japan and Canada.