“Shrimp King” Minh Phu Profits Surge Fourfold in First Half of 2025

(seafood.vasep.com.vn) Minh Phu Seafood Corporation recorded an after-tax profit of nearly VND 177 billion in the first six months of the year - almost four times higher than the same period last year - thanks to increased production and sales of value-added products.

According to the company’s recently released consolidated financial report, Minh Phú recorded net revenue of 6,485 billion VND, roughly equivalent to the previous year. Revenue from key markets showed significant growth with North America contributing 1,960 billion VND (up 19%) and Japan contributing 1,590 billion VND (up 36%). However, sales to Europe and Australia experienced sharp decline.

The company’s gross profit margin reached approximately 10.5%, an increase of nearly one percentage point compared to the same period last year. This improvement, combined with higher foreign exchange gains and reduced selling and administrative expenses, propelled Minh Phu’s after-tax profit to nearly 177 billion VND, approximately four times higher than the first half of 2024.

In a letter of explanation submitted to the Hanoi Stock Exchange on August 15, 2025, Minh Phu’s Deputy General Director Le Van Diep stated that the profit surge was primarily due to the company’s efforts to boost the production and sales of high-value-added products.

Minh Phu Seafood Corporation set ambitious goals for 2025, aiming for a revenue of 15,667 billion VND and an after-tax profit of 997 billion VND - significantly higher than in previous years.

In 2023 and 2024, the company recorded losses of 105 billion VND and 190 billion VND, respectively. According to management, these consecutive losses were partly due to efforts to clear inventory, which resulted in losses of 3-5 USD per kilogram. Previously, Minh Phú’s inventory reached as high as 20,000 tons, but by the end of 2024, it was reduced to 10,300 tons.

At the annual general meeting in late June 2025, Minh Phu’s leadership announced that having largely resolved the inventory issue, the company is now focusing on developing high-value-added products, its core strength, instead of competing on raw material prices with major shrimp exporters like Ecuador and India, the world’s largest shrimp exporters. Additionally, the company plans to automate and upgrade production lines at its factories.

As of the end of June 2025, Minh Phu’s total assets exceeded 9,380 billion VND with liabilities amounting to approximately 4,240 billion VND. Undistributed profits currently stand at around 500 billion VND. For 2025, the company plans to pay a cash dividend of 2 - 8%, a proposal already approved by shareholders at the annual general meeting.

Source: Adapted from VASEP (seafood.vasep.com.vn)