(seafood.vasep.com.vn) The Board of Directors of International Development & Investment Corporation (IDI) is confident of completing this year's profit plan in the context of gradually recovering demand for pangasius in China and Mexico.
In the first 6 months of 2024, IDI recorded net revenue of VND 3,564 billion and after-tax profit of VND 35 billion.
This year, IDI expects to earn US$136.3 million in revenue from pangasius exports, up 27% compared to 2023.
IDI's Board of Directors affirmed that this year's business plan is completely feasible when demand for pangasius in markets such as China, Mexico, Canada, Brazil, the UK, etc. has begun to show positive signs since the beginning of the second quarter.
The main growth drivers of IDI this year mainly come from China and Mexico, accounting for 70% of total export revenue each year.
In the Chinese market, demand here will begin to recover as consumers tend to spend more when the economic stimulus policies of the Chinese Government take effect.
For the Mexican market, demand for pangasius may recover from the second quarter of 2024, earlier than in the Chinese market because importers in Mexico are entering a new cycle of stockpiling. At the same time, pangasius export prices to Mexico showed signs of bottoming out from December 2023 and by March 2024 had increased by 8% compared to the beginning of the year.
IDI also plans to expand its consumption market in many other regions. It signed an agreement with Patagonia Cuisine LLC - Atlanta (USA) recently to exploit the US and South American markets in order to urgently prepare for a breakthrough for the peak season of seafood consumption in the last 6 months of this year in the US, European and South American countries.
IDI is currently a key member of Sao Mai Group (stock code ASM) with a production capacity of approximately 100,000 tons of raw fish per year. The company is also one of the largest pangasius exporters in the country today. IDI's products are currently exported to more than 50 countries and territories around the world.
