Soc Trang, Vietnam-based shrimp exporter Fimex (Sao Ta) increased its production and sales in the first month of 2022 following positive results in 2021, Fimex said in an update on 10 February.
The company produced 1,820 metric tons (MT) of processed shrimp in January, up 40 percent compared to the same month in 2021. Its consolidated sales value, comprising sales of agriculture products, jumped 90 percent year-on-year to USD 28.9 million (EUR 25.3 million).
Fimex said started seeding its first crop of the year on 8 February, and that the process would take around 20 days.
In 2021, the company produced 22,790 MT of processed shrimp, an increase of 12 percent year-on-year. It sold 18,370 MT of processed shrimp, up 7 percent from 2020.
Fimex’s export value grew 12 percent year-on-year to USD 213 million (EUR 186.4 million) in 2021. The company’s consolidated net profit in 2021 was VND 286.9 billion (USD 12.7 million, EUR 11 million), 27 percent higher year-on-year.
Fimex said it had a successful year of shrimp farming, but a shortage of shipping containers and high freight costs have affected its delivery capacity to some markets.
Fimex operates its own farms on 270 hectares that supply material to its processing plants in the region, and also buys shrimp from local farmers for processing. In 2022, Fimex said it will continue to expand its farming area, with another 52 hectares to be developed by its subsidiary, Khang An. The group said it's aiming to have at least 500 hectares of shrimp farming area by 2025.
The company’s planned expansion will be supported by its strategic partner, Thailand-based food giant Charoen Pokphand Foods’ (CP Foods) Vietnam unit, C.P. Vietnam. C.P. Vietnam has recently upped its stake in Fimex to 25 percent, the Vietnamese shrimp producer said.
Fimex plans to finish construction of two new processing plants in Soc Trang province this year. Their combined capacity is 25,000 MT per year, with one with a 15,000 MT annual capacity and a second with a 10,000 MT annual capacity.
Photo courtesy of Fimex
