The seafood sector dominated, contributing 59 per cent to PAN's revenue in the first nine months of the year. — Photo courtesy of PAN Group

PAN Group Joint Stock Company has released its financial results for the third quarter and the first nine months of 2024, showcasing remarkable growth.

In the third quarter, its consolidated net revenue hit VNĐ5 trillion (US$197 million), a 37 per cent increase from the previous year. Profit figures also soared, with pre-tax profit up 66 per cent, after-tax profit rising 78 per cent, and profit for parent company shareholders jumping 89 per cent.

For the first nine months of the year, the group’s revenue reached VNĐ11.9 trillion, reflecting a 32 per cent growth, while after-tax profit for shareholders stood at VNĐ363 billion, an impressive 80.6 per cent increase.

By sector, seafood dominated, contributing 59 per cent to revenue, followed by agriculture at 28 per cent and packaged food at 13 per cent. Seafood sales surged by 56 per cent due to recovering export orders, although selling prices lagged. Despite challenges with US tariffs, overall seafood profit grew 7 per cent.

Agricultural chemicals and seeds also performed well, with pre-tax profit in this sector doubling to VNĐ263 billion, driven by strong growth in agricultural chemicals and effective new seed products.

Packaged food revenue benefited from a 12 per cent increase in confectionery and a notable jump in the coffee segment, though fish sauce grew modestly. Overall, pre-tax profit for this sector rose 48 per cent to VNĐ65 billion.

In the third quarter, PAN's after-tax profit for shareholders reached VNĐ187 billion, up 89 per cent, bolstered by strong performance across business segments and financial activities. After nine months, the company has achieved 81 per cent of its revenue and profit targets for the year. — VNS