Pangasius revenue plummets, IDI profit drops 87%

Multinational Investment and Development Corporation (Code IDI) has just announced its 2023 business results with not-so-positive figures. Of which, Q4/2023 revenue reached 1,883 billion VND, profit after corporate income tax reached only 20 billion VND.

IDI's profit dropped 87% due to a sharp decline in tra fish revenue (Photo TL)

By the end of the year, IDI's cumulative revenue reached VND7,221 billion, down 9% year-on-year. Of which, revenue from selling goods, finished products, and pangasius decreased by 19% year-on-year, to only VND2,896 billion. Revenue from selling fishmeal and fish oil decreased by 2%, to VND2,885 billion. In return, revenue from animal feed increased by 2% to VND1,372 billion.

Financial activities in the year recorded revenue of 218 billion VND, up 30% over the same period. The company is also recording dividends and profits of 11 billion VND, along with unrecorded investment profits of 20 billion VND last year.

On the other hand, financial expenses also increased by 34%, to VND412 billion, with interest expenses accounting for VND362 billion. This shows that interest expenses are increasing sharply, putting great pressure on business revenue.

As a result, IDI recorded a net profit of only VND72 billion in 2023, down 87% compared to the previous year.

At the end of 2023, IDI's total assets reached VND8,277 billion, not much fluctuation compared to the beginning of the year. Cash and cash equivalents increased by 74%, to VND1,112 billion.

Notably, the company is recording liabilities at VND4,841 billion, up about 3% compared to the beginning of the year. Of which, short-term loans and financial leases account for VND4,090 billion, up about 5% compared to the beginning of the year. The amount of short-term debt is equivalent to nearly half of the current capital that IDI is using.

Source: https://www.congluan.vn/doanh-thu-ca-tra-sut-giam-manh-loi-nhuan-idi-sut-giam-87-post283273.html