Soc Trang, Vietnam-based shrimp exporter Fimex (Sao Ta) consolidated its growth momentum this year, as the value of its shrimp exports increased 40 percent year-on-year to USD 22.9 million (EUR 19.7 million) in October. And the value it has earned thus far in 2020 has risen 19 percent year-on-year to USD 161 million (EUR 138.3 million).
The company produced 2,119 metric tons (MT) of shrimp products from its processing factories in October, 47.2 percent higher than the same month last year.
Fimex’s sales value in the third quarter climbed 45 percent to VND 1.62 trillion (USD 70 million, EUR 60 million), its best quarter increase since Q3 2019. However, rising operation costs during the pandemic resulted to a decline of net profit of 8 percent year-on-year to VND 70 billion (USD 3 million, EUR 2.6 million) between July and September.
In Q3, Fimex sold 6,500 MT of shrimp, which was worth USD 69.8 million (EUR 60 million). The production was lower than its third-quarter target of 7,000 MT, while its export value in the third quarter was slightly below its previous goal of USD 70 million (EUR 60.1 million).
Fimex said its hopes to increase its total sales by 12.5 percent year-on-year to USD 180 million (EUR 154.7 million) this year.
On 18 October, the company approved a plan to build a new shrimp processing plant with designed capacity of 15,000 MT per year in Soc Trang Province. Work on the project, which is scheduled to cost between VND 200 billion and VND 250 billion (USD 8.6 million and USD 10.8 million, EUR 7.4 million and EUR 9.3 million), is expected to begin in early 2021. The new plant will mainly serve the company’s European markets.
Fimex, headquartered in Soc Trang, operates its own farms on 190 hectares that supply material to its processing plants in the region, and also buys shrimp from local farmers for processing.
Photo courtesy of Fimex
