The “Queen of Pangasius” has the highest quarterly profit in 2 years, despite tariff pressure

"Pangasius Queen" Vinh Hoan made a huge profit of VND522.5 billion in the second quarter of 2025, recording a growth rate of 53.7% year-on-year, the highest since the third quarter of 2023.

In the financial report (BCTC) of the second quarter of 2025, Vinh Hoan Corporation (VHC, HOSE) of "female general" Truong Thi Le Khanh (often called "catfish queen") recorded a slight decrease in revenue of 6 billion VND compared to the same period. However, it is worth noting that after-tax profit skyrocketed by 53.7% compared to the same period, reaching 522.5 billion VND.

It is known that this is the highest profit result recorded at Vinh Hoan in the past 3 years.

Profit development over the quarters from 2022 - 2025 of Vinh Hoan Corporation

Source: Financial Statements

In the first half of this year, Vinh Hoan "earned a huge profit" of VND 733.9 billion, up 39% over the same period, although revenue decreased to VND 5,864 billion, this is the most positive half-year result since 2022.

This result is explained by the business as coming from increased sales volume and reduced production costs.

Accordingly, the company's cost of goods sold decreased by 8.1% over the same period, down to VND4,881 billion.

With the above results, after 6 months of business, VHC has completed 53% of the year's profit target under the optimistic scenario and 70% under the basic plan.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam's pangasius exports in the first 6 months of the year brought in more than 1 billion USD, an increase of 11% over the same period.

Of which, the US recorded impressive growth, with consumption reaching 175 million USD of Vietnamese pangasius, up 10%; June alone increased by 23%. Brazil was also a bright spot with a 111% increase in June, reaching 16 million USD. Cumulatively, export value to the South American country reached 175 million USD, up 10%.

Positive developments in the second quarter of 2025 come amid the business facing reciprocal tax pressure from the US on imported goods, as the US is currently VHC's largest export market, accounting for 56% of total sales in 2024. In early 2025, Vinh Hoan was the only Vietnamese company exempted from anti-dumping tax on tra and basa fish by the US.

Previously, the Company adjusted its plan right before the annual general meeting, reducing its profit target due to concerns about tax risks from the US.

The company said the change reflected its caution when the US announced a reciprocal tax rate of up to 46%, although it was later extended for another 90 days. If applied, this tax rate could reduce profits by 15-30%. At the same time, the company affirmed that export activities in the second quarter remained stable as businesses proactively delivered goods early, avoiding the time when tariffs took effect.

In addition, Chairwoman Truong Thi Le Khanh also expressed confidence, affirming that Vietnamese pangasius is suitable for American consumers' tastes, and there seems to be no alternative. VHC's removal from the anti-dumping tax list further strengthens its position in this market.

VHC stock price movements on the stock exchange since the beginning of the year (Screenshot)

As of the end of June, total assets at VHC were VND 12,788.5 billion, a slight increase of 4.5% compared to the end of 2024, of which the majority came from equity - VND 9,722.9 billion (up 8.1%), the remaining liabilities - VND 3,063.6 billion (down 5.5%).

Vinh Hoan's inventory at the end of this period was VND3,189 billion, up 0.9% compared to VND3,159 billion at the end of 2024.

On the floor, VHC shares are currently priced at VND58,000/share, down 0.34% compared to yesterday's session. Since the beginning of the year, the value of VHC shares has decreased by 17.7%.

Source: https://phunuvietnam.vn/loi-nhuan-quy-nu-hoang-ca-tra-cao-nhat-trong-2-nam-qua-bat-chap-ap-luc-thue-quan-20250805162600552.htm