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Vissan's 2016 revenue at $162mn

Released at: 20:22, 07/04/2017

Vissan's 2016 revenue at $162mn

Illustrative image (Source: VnEconomy)

Recent shareholders meeting also agrees to high revenue and profit targets for this year.

by Quynh Nguyen

Meat manufacturer the Vissan Joint Stock Company recorded revenue of VND3.68 trillion ($162 million) and pre-tax profit of VND148.2 billion ($6.5 million), according to the company’s financial report released at its shareholders meeting on April 5.

The meeting also approved the dismissal of General Director Van Duc Muoi. Replacing him on the board will be Mr. Huynh Quang Giau, from shareholder Satra. Mr. Nguyen Ngoc An, Deputy General Director, will be General Director.

Vissan targets high revenue and profit for this year, of VND4.5 trillion ($198 million) and VND156 billion ($6.8 million), up 23 per cent and 5 per cent, respectively, against 2016. The company expects pork output to surpass 35 per cent compared to last year, reaching 28,500 tons, and processed food 19,760 tons, up 14.5 per cent.

According to company leaders, it is trying to increase market share in the fresh meat market to 45 per cent in next few years. In the third quarter of this year, the company will also launch pork products that are free from antibiotics and have traceability, with 10,000 heads being raised at farms in Dong Nai and Ninh Thuan. All of this pork will be sold in the southern market.

Founded in 1970, Vissan is among the country’s leading producers and exporters of fresh meat, poultry and processed food. It possesses many advantages from a distribution network covering about 130,000 markets and more than 1,000 supermarkets and convenience stores.

Its initial public offering (IPO) was held on March 7, with 11.32 million shares for sale, equal to 14 per cent of its charter capital and with an initial price of VND17,000 ($0.76).

The IPO caught much attention, attracting 142 investors with purchase registrations totaling 63.6 million, or six times higher than the number of shares available. The highest bidding price was VND102,000 ($4.57).

The Agriculture International Company (Anco) under the Masan Group overcame South Korea’s CJ CheilJedang Company (CJ) to become Vissan’s strategic partner.

In October, the company traded on the Unlisted Public Company (UpCOM) market under the code VSN, with a total of 80.91 million shares and a registered stock value of more than VND809 billion ($36.2 million).

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