FMC – Earnings Review – [HOLD] – 1Q25: Mounting difficulties due to high input costs

In 1Q25, FMC released a revenue of VND1,990bn (+36.3% yoy/ +45.9% qoq), including shrimp products revenue: +37.6% yoy. Shrimp volumes soared to 6,119 tonnes (+43.2% yoy), while average selling prices sat at VND320,717/kg, inching down by 3.9% yoy in 1Q25. 1Q25’s blended GM was down to 6.4% (-0.2%p yoy/ -8.8%p qoq), due to (1) The raw shrimp prices remained high, (2) Coupled with inefficient harvests from self-sufficient farming areas. As such, 1Q25’s NPAT-MI plummeted to VND30bn (-40.4% yoy/ -73.1% qoq).