The Nam Viet Joint Stock Company (Navico), the largest fish exporter in Vietnam, forecast Jun 15 its net profit will reach VND321 billion (US$19.9 million), fueled by robust export of catfish to EU market.
In the first quarter of 2007, Navico’s net profit rose to VND169.22 billion (US$10.5 million), or 52.7 per cent of the full-year net profit target.
Running four fish processing plants in the Mekong Delta, Navico accounted for nearly 5 per cent of Vietnam’s US$3.3 billion of fish exports by 90 local exporters last year.
The listed firm plans a June 21 initial public offering of 6 million shares, hoping to raise at least US$37.2 million. Bao Viet Securities will underwrite the issue.
In a statement via the Ho Chi Minh Stock Exchange, Navico said it expected revenues this year to grow 26 per cent to VND3.42 trillion (US$212 million).
It forecast a return-on-equity of 48.6 per cent and a dividend payment of 20 per cent this year, with the ROE rising to 51.8 per cent in 2008, and the dividend payout to 22 per cent.
Navico, 60 per cent owned by a family, aimed to increase fish exports, mainly catfish products, to US$250 million this year from US$163 million in 2006, Chief Executive Doan Toi has said.
European markets, including Russia, accounted for more than half its sales, followed by around 30 per cent to Asia.
Fish and shrimp are Vietnam's fourth-largest foreign exchange earner after crude oil, textiles and footwear. Catfish exports alone are forecast to jump 35.7 per cent this year to US$1 billion. (
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