Net revenue reached VND 4,119 billion, up 19% compared to Q1/2024, fulfilling 24% of the annual target of VND 17,256 billion. Net profit attributable to shareholders of the parent company was VND 108 billion, a 29% year-over-year increase, completing 16% of the full-year target.
Resilient growth amid market volatility
On April 23, The PAN Group (HSX: PAN) released its consolidated financial statements for Q1 2025.
The company reported net revenue of VND 4,119 billion, a 19% year-over-year increase, and net profit after tax of VND 194 billion, a 15.2% increase, reaching 29% of its annual target (VND 672 billion).
Net profit attributable to shareholders of the parent company rose 29% to VND 108 billion, supported by strong Q1 performances from high-ownership subsidiaries including Bibica, Aquatex Bentre, VFC, and Vinaseed. Additionally, PAN's increased stake in PAN Farm further amplified profit growth attributable to the parent.
Indicator | Q1/2025 | Q1/2024 | Change (%) |
Net Revenue | 4,119 | 3,462 | 19.0% |
Profit Before Tax | 236 | 201 | 17.7% |
Net Profit After Tax | 194 | 169 | 15.2% |
Net Profit Attrib. to Parent | 108 | 84 | 28.8% |
Aquatex Bentre saw a 95% surge in Q1 net profit compared to the same period last year.
In terms of Q1 revenue structure by business segment, aquaculture contributed 52.3%, agriculture accounted for 35.3%, and packaged food made up the remaining 12.3%.
The agriculture segment recorded a 10% year-over-year increase in net revenue and a 20% rise in profit before tax, primarily driven by strong performance from VFC, while Vinaseed posted a modest 5% growth.
The aquaculture segment saw a 36% increase in revenue; however, profit before tax declined by 13%. Fimex VN experienced a 36% drop in profit, partially offset by nearly double-digit profit growth at Aquatex Bentre.
The packaged food segment reported a decline in performance at Lafooco, but this was offset by growth from Bibica, while 584 Nha Trang delivered Q1 2025 results that were comparable to the same period last year.
Net Revenue | Net revenue | +/-% | Profit before tax | Profit before tax | +/-% | |
QI/2025 | QI/2024 | QI/2025 | QI/2024 | |||
Agriculture | 1,456.6 | 1,327.5 | 10% | 171.3 | 142.3 | 20% |
Aquaculture | 2,154.2 | 1,582.6 | 36% | 61.1 | 70.1 | -13% |
Packaged Foods | 509.3 | 552.0 | -8% | 34.2 | 34.4 | -1% |
Others (holding) | - | 0.1 | -100% | 87.6 | 44.3 | 97% |
Consolidation adjustments | (0.6) | (0.6) | (118) | (90.8) | -30% | |
TOTAL | 4,119.5 | 3,461.7 | 19% | 236.1 | 200.5 | 18% |
Revenue and Profit by Company
The PAN Group's business growth in Q1 was driven by the following key contributors:
- VFC: In Q1, VFC capitalized on increased demand from late 2024 for the Winter-Spring crop and fruit trees (particularly durian), which led to strong growth in both sales and profit. However, beyond Q1, continued low rice prices and a sharp drop in durian prices may pose challenges to the company's sales activities.
- Vinaseed: The company posted modest growth of 5% in both revenue and profit, as Q1 does not represent its peak business season.
- Fimex VN: While sales increased by 36%, profit declined by the same margin-36%-as the company accelerated shipments to the U.S. to avoid the upcoming tariff period starting July 2025. The U.S. market offers lower profit margins due to intense competition and relatively high shipping costs compared to other markets.
Additionally, the price of raw shrimp in Q1 2025 remained high versus the very low levels seen in Q1 2024, further impacting the company's gross margin. Increased tax expenses also contributed to reduced profitability in the quarter.
- Aquatex Bentre delivered a strong Q1 performance, with revenue up 34% and profit before tax nearly doubling to VND 25 billion. Sustained high pangasius prices throughout the quarter proved to be a key advantage.
Moreover, the company's efficient in-house farming operations-producing low-cost fish-significantly contributed to profit growth. As ABT exports minimally to the U.S., it has largely avoided direct impacts from U.S. countervailing duties.
Bibica's export confectionery sales in Q1 rose 69% year-on-year.
- Bibica: The company recorded a slight 4% decline in revenue but achieved a 23% increase in profit before tax. Q1 sales in the traditional general trade (GT) channel were subdued due to a slowdown in domestic consumption following the Lunar New Year. However, the export and OEM channels continued to grow strongly, offsetting weakness in the domestic market. Export revenue rose by 69% compared to the same period last year, and remains a key growth driver for Bibica in the recent period and going forward.
Profit before tax was supported by continued improvements in operating margins, as the company optimized selling and marketing expenses-reducing the selling expense-to-revenue ratio to 18% from 22%. In addition, efficient financial and capital management generated VND 8 billion in financial income for Q1, up 57% year-on-year.
- Lafooco: The company experienced a relatively challenging Q1 2025, as demand from export markets declined. This quarter also marked Lafooco's seasonal low point of the year. With an increasingly diversified product portfolio (including mixed nuts and dried fruits), Lafooco plans to accelerate sales efforts to catch up with its business targets in the upcoming quarters.
- In Q1 2025, PAN also consolidated the financial results of Atani in its financial statements, whereas in Q1 2024, the company had only accounted for Atani using the equity method as an associate.
- Treasury optimization activities at the parent company in Q1 2025 continued to contribute positively to the Group's overall business performance.