PAN Group reports revenue of VNĐ3.38 trillion in Q2 2024

A booth of the PAN Group. The company’s revenue reached VNĐ6.84 trillion in the first half of 2024. — Photo thepangroup.vn

HÀ NỘI — PAN Group JSC (HoSE: PAN) has announced its financial results for the second quarter of 2024, with revenue reaching nearly VNĐ3.38 trillion (US$133.8 million), marking an increase of nearly 22 per cent compared to the same period last year.

Gross profit reached VNĐ690 billion, with gross profit margin rising to 20.4 per cent from 19.5 per cent in the previous year.

During this period, the company also recorded an additional VNĐ121 billion in financial revenue, primarily from interest on deposits, loans and exchange rate fluctuations, slightly down compared to the same period last year. Meanwhile, various expenses amounted to nearly VNĐ560 billion, an increase of 17 per cent.

As a result, PAN reported a post-tax profit of VNĐ201 billion, an increase of 26 per cent compared to the second quarter of 2023, with net profit reaching VNĐ85 billion, an increase of 31 per cent.

Accumulated in the first half of 2024, PAN Group achieved a revenue of VNĐ6.84 trillion, an increase of 29 per cent compared to the same period in 2023 and a post-tax profit of VNĐ370 billion, an increase of 41 per cent.

For 2024, the company has set a target of VNĐ14.78 trillion in revenue and VNĐ882 billion in post-tax profit. Thus, after six months, the company has achieved 42 per cent of the annual profit target.

In the press release on its second-quarter results, PAN Group stated that revenue from its core business sectors (including agriculture, seafood and packaged food) achieved double-digit growth in the first half of this year, ranging from 28 per cent to 30 per cent.

The driving force for the seafood sector came from the recovery of export orders alongside improved inflation and purchasing power in the US and European markets. Meanwhile, agricultural revenue growth continued to come from Vietnam Fumigation JSC (HoSE: VFG) with an increasing market share in plant protection chemicals. In the packaged food sector, Bibica (HoSE: BBC) boosted its export channels, contributing positively to its business results.

For the second half of 2024, PAN expects the export market to continue to  recover, not only in order volume but also in price improvement, coupled with the harvest of self-farmed shrimp during the peak season in the third and fourth quarters.

Regarding financial status, the company had total assets valued at over VNĐ23.3 trillion by the end of Q2 2024, an increase of more than VNĐ3 trillion from the beginning of the year. The largest and fastest-growing asset category was trading securities, amounting to VNĐ10.576 trillion—accounting for 45 per cent of total assets and an increase of VNĐ3.9 trillion from the beginning of the year. The company did not specify the details of these investments.

The company’s equity stood at VNĐ8.369 trillion, including VNĐ2.163 trillion in share capital and nearly VNĐ1.4 trillion in undistributed profits. — VNS