IDI has biggest growth objective in history for 2022

DNHN - At the 2022 Annual General Meeting of Shareholders of the International Development & Investment Corporation (IDI) held on the morning of April 10, 2022 at the Convention Center - Long Xuyen Hotel - Long Xuyen City - An Giang Province, shareholders voted to approve the published reports.

IDI anticipates revenue of VND 8,300 billion, a 45% increase, and profit after tax of VND 900 billion, a 6.3-time increase over 2021. IDI will achieve the highest business outcomes in history if it works hard to meet the profit target.

The Board of Directors presented the idea to pay 30% cash dividends to shareholders to the General Meeting for approval.

Looking back in 2021, the pandemic has had a direct impact on the world economy, causing enterprises in the seafood industry to struggle, and many businesses have had to stop working. IDI, on the other hand, is able to sustain its production capacity due to effective pandemic prevention and control procedures. As a result, the company earned VND 5,720 billion in net revenue, with a profit after tax of VND 143 billion, increasing 33.6% over the previous year. 

IDI's export orders have been signed in full through the end of 2022, according to Mr. Le Thanh Thuan, Chairman of IDI's Board of Directors. IDI kept 24,000 tons of finished pangasius with an input price of around VND 17,000 - VND 18,000/kg last year, taking advantage of three large-scale cold storage facilities and ample financial resources to address the market's recovery needs following the pandemic. As a result, the price of fish has been VND 32,000/kg or higher since the Lunar New Year, resulting in a profit of hundreds of billions of dong for IDI.

Pangasius exports from Vietnam are currently rebounding in many key markets, including the United States, China, and Europe. According to estimates, the price of pangasius will break the previous high of VND 35,000/kg in the second half of 2022, and reach a new high of VND 40,000/kg.

IDI holds a huge linked farming area of more than 350 hectares, with a total annual output of around 85,500 tons of raw fish, accounting for 90% of the entire raw material production for two seafood processing plants. At the same time, more than 5,000 people will have stable jobs. The company is investing in the No. 3 seafood processing factory, which will be equipped with sophisticated European technology and have a capacity of 500 tons of raw materials per day. As a result, IDI will be able to fully participate in its plan of offering a diverse range of products to the worldwide fish consumption market.

Furthermore, the Corporation rapidly pushes investment in the Research Institute of Breeds, with technical assistance from foreign experts, in order to assure a steady supply of high-quality fingerlings for IDI's farming areas. In addition, the Corporation increased the quality of aqua feeds in the context of the seafood industry's robust recovery following the pandemic, in order to satisfy the growing demand market.

IDI is currently Vietnam's largest seafood exporter, with a consumption market that spans 150 nations and territories worldwide, including the United States, the European Union, ASEAN, Africa, South America, China, India, Mexico, and Brazil. Customers value IDI's prestige and product quality.

Despite the fact that the pandemic's difficulties are still present in 2022, there have been substantial swings in the Vietnamese pangasius export market. IDI, on the other hand, is predicted to break through and bring in significant revenue for Vietnam's pangasius business thanks to very flexible sales policies and a well-executed market expansion strategy.

Lap Nguyen