In just 5 months, Dabaco beats 2020 whole-year profit target by 30%

Xuan Thinh Wednesday | 06/03/2020 10:55

Dabaco records its highest ever first quarterly profit in Q1 this year, reaching $14.5 million. Photo: Vietnambiz.vn

Hanoi-based Dabaco Group has reported its highest ever five-month after-tax profit at nearly VND600 billion ($25.7 million), 30% higher than the yearly target, the company reported.

The Vietnamese meat producer got benefit from the African Swine fever outbreak caused the pork shortage in the domestic market. In the first 5 months of 2020, Dabaco reported VND4,483 billion ($192 million) in revenue.

The group recorded its highest ever first quarterly profit in Q1 this year, reaching VNĐ340 billion ($14.5 million).

In 2020, Dabaco targets to collect VND13.2 trillion in revenue and VND457 billion ($19.5 million) in after-tax profit, CafeF news website cited Chairman Nguyen Nhu So during a meeting on Monday. With the growth, Dabaco's profits can be equal to its charter capital.

Dabaco is a multi-field group that specializes mainly in animal feed, cattle and poultry breeding, and food processing.

The group has completed and put into operation a number of projects such as DeVi instant egg processing factory, chicken breeding area, and animal feed factory in the province.

This year, the company plan to carry out new projects in breeding chicken and animal feed plant in Binh Phuoc. Its vegetable oil factory will operate at full capacity in this quarter.

The group also invests in building industrial zones, urban zone facilities and infrastructure, and real estate. It is among the ten biggest enterprises specializing in animal feed nationwide.

DBC share has risen sharply and become the stock with the strongest growth in Vietnam's stock market in 2020. Share price has tripled from VND15,000 ($0.64) apiece to VND45,900 ($1.9) each.

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