Workers packaging shrimp inside Minh Phu's processing plant. — VNS/VNA Photo

Minh Phu Seafood Corporation (MPC) just released data for this year's General Meeting of Shareholders which is to be held online on the morning of June 17.

Accordingly, the Board of Directors will submit 2021’s business plan for approval to shareholders, with revenue of nearly VND15.8 trillion (US$686.3 million), and expected profit after tax of nearly VND1.1 trillion (US$47.4 million), up 10 per cent and 62 per cent year-on-year, respectively.

If the plan is accomplished, this will be the highest profit since the company was founded.

In 2021, Minh Phu expects to maintain its position as the leading seafood export company in Viet Nam and the world. Therefore, besides the main export markets like the US, the company will diversify the shrimp consumption markets by increasing shrimp export value to the European Union (EU) market to take advantage of the European-Viet Nam free trade agreement (EVFTA) and the UK-Viet Nam free trade agreement (UKVFTA).

At the same time, Minh Phu will reduce exports to the US along with increasing operations in markets including Australia, New Zealand, Japan and Canada. The seafood exporter will research and expand more processed products.

In terms of investment, the company will focus on speeding up the project of a high-tech industrial complex to develop a shrimp value chain with a scale of 10,000ha in Kien Giang Province.

At the meeting, shareholders will also reach a consensus of offering more than 630,000 treasury stocks under the Employee Stock Ownership Plan (ESOP) with a ratio of 0.32 per cent and fixed price at VND10,000 per share.

Minh Phu submits to pay a cash dividend for 2020 at the rate of 20 per cent, equivalent to a dividend of VND2,000 per share. The company is expected to spend about VND400 billion (US$17.4 million) for dividend payment.

In 2021, the payout ratio is estimated to reach 50 - 70 per cent.

Minh Phu will submit to shareholders the dismissal of Osada Tsutomu, a member of the Board of Directors, and replacement by Tsukahara Keiichi.

Tsukahara Keiichi previously joined the company's Board of Directors but resigned in June 2020.

In the first quarter of 2021, its net revenue posted a drop of 12 per cent year-on-year to over VND1.6 trillion (US$71.01 million), resulting in a fall of 25.5 per cent in profit after tax to nearly VND103 billion (US$4.5 million).

Thus, in the first three months of 2021, the company only completed more than 10 per cent of the revenue plan and 9.4 per cent of the annual profit plan.

On Thursday, MPC shares were traded at VND39,500 per share, up 12.52 per cent. — VNS