VHC announced weak Q4 2022 results with revenue of VND2.5tn (USD105mn; -8% YoY) and NPAT-MI of VND190bn (USD8mn; -58% YoY). On the other hand, VHC’s 2022 results showed robust momentum with revenue of VND12.2tn (USD561mn; +46% YoY) and NPAT-MI of VND2tn (USD84mn; +80% YoY). VHC’s 2022 revenue and NPAT-MI achieved 91% and 90% of our respective full-year forecasts, which trailed our expectation as the demand slowdown in Q4 2022 was sharper than expected.

In 2022, VHC’s like-for-like revenue (i.e., core pangasius business excluding Sa Giang — VHC’s prawn cracker subsidiary since January 2021) jumped 50% YoY and was driven by a 49% YoY increase in sales of frozen pangasius fillets and related products (e.g., breaded fish, fish fat, fish meal and feed), in addition to 38% YoY growth of C&G sales thanks to strong global demand from the cosmetics, healthcare and food sectors.