ANV – Earnings Review – [HOLD] – 4Q24: The hardship dragged on

In 4Q24, ANV released revenue of VND1,361bn (+22.5% yoy). Gross margin was at 10.2% (staying flat yoy but inching down by 2.7%p qoq) due to ANV recorded an allowance for inventories and the spike in pangasius fingerling during 4Q24. SG&A/revenue soared due to high shipping costs incurred by ANV. As a result, NPAT posted VND5.9bn.