The PAN Group JSC reported net revenues and profit after tax of nearly VND 2.95 trillion (US$128.68 million) and VND168 billion ($7.34 million) in the first quarter, a year-on-year increase of 75 per cent and 234 per cent.

According to its consolidated business results, most member companies saw revenues rise sharply compared to a year earlier.

They were up 38 per cent at the Vietnam Fumigation Joint Stock Company (VFG), the Vietnam National Seeds Group (NSC) and Long An Food Processing Export JSC (LAF), by 114 per cent at the Ben Tre Aquaproduct Import and Export JSC (ABT) and 37 per cent at the Sao Ta Foods JSC (FMC) and Khang An Foods (KAF).

Companies with significant profit growth were FMC, KAF (both up 36 per cent), VFG (61 per cent), and NSC (10 per cent).

ABT achieved profit after tax of VND7 billion this year from VND700 million last year.

Profit after tax attributable to shareholders of the parent company reached VND77 billion, up 245 per cent from the same period last year. The growth came mainly from seeds and rice, shrimp exports, fumigation, and agro-chemicals.

This year is expected to be one of outstanding growth for the company since the demand for food is increasing after the pandemic and uncertainties caused by the war in Ukraine.

Another subsidiary, the Vietnam Fumigation Company, recently signed a deal to distribute two key products of global giant Syngenta, which is expected to help increase revenues by thousands of billions of dong.

A number of new factories put into use by Sao Ta Foods JSC, Khang An Foods and 584 Nha Trang are also considerable growth drivers for the company.

At its annual general meeting on April 26, shareholders approved the business plan for 2022 with revenues of VND14.3 trillion and profit after tax of VND755 billion, up 54.6 per cent and 47.8 per cent from last year.

The company decided to not pay dividends for 2021 and 2022 and instead use resources to fund growth. — VNS