Soc Trang, Vietnam-based shrimp exporter Fimex (Sao Ta) saw its production and sales value increase in the first quarter of this year, despite rising shipping prices.
The company produced 3,688 metric tons (MT) of processed shrimp in the quarter, 32 percent higher year-on-year. It sold 3,850 MT of processed shrimp, up 35 percent from a year earlier. Fimex’s export value between January and March also jumped 35 percent year-on-year to USD 42.3 million (EUR 36.0 million).
In its quarterly report, Fimex criticized increased shipping costs as being “too high at present.” The company also said the cost of some imported inputs, such as paper and plastic packaging, has also risen, hurting the company’s profitability.
Fimex said it plans to produce 21,000 MT of processed shrimp this year, up 5 percent from 2020, and it expects to raise its sales volume by 5 percent to 18,500 MT, according to document released by the company in advance of its 2021 general stockholders meeting on 16 April.
Fimex is targeting USD 200 million (EUR 170.2 million) in sales and VND 250 billion (USD 10.8 million, EUR 9.2 million) in pre-tax profits, with both figures representing 5 percent increases from 2020.
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. The company said it aims to expand farming by 100 hectares this year.
The expansion plan would be implemented by its subsidiary Khang An Foods, which operates in aquaculture and processing, and farming and processing of agriculture products. Through the expansion, Fimex said it hopes to supply between 25 and 30 percent of material shrimp for its processing demand this year.
Photo courtesy of Fimex
