Despite the prolonged Tet holidays (8 days), Sao Ta Foods Joint-stock Company (FIMEX VN – coded FMC) still processed 436 MT of finished shrimp products in January 2012, up from 373 MT of the same month last year. The export value hit US$6.3 million, a 43.8% year-on-year increase.
In 2011, the company earned VND27.59 billion after-tax profit on the revenue of VND1.9 trillion, up 30% year-on-year. The EPS was at VND3,819.
The company paid dividend of 25% for shareholders as planned although it did not fulfill the profit target in the last two months of the year due to high raw material price and four containers with exceeded enrofloxacin residue returned by Japanese authority.
In 2012, FIMEX VN will adopt the most advanced technology attested in Indonesia for the shrimp farming in order to ensure raw material source. This technology is expected to yield high productivity, clean shrimp and low risk.
The company aims to earn VND2 trillion in revenue and VND40 billion of after-tax profit in 2012.
On January 16, the Ministry of Agriculture and Rural Development (MARD) decided to ban enrofloxacin from shrimp farming, starting from 2012 crop (February 2012). With this decision, Fimex VN is confident that it will have no problem with the antibiotic residue in its shrimp shipments