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Friday, September 30, 2022

Navico pledges VND38 billion more for collagen manufacturer

The Saigon Times

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HCMC – Local tra fish exporter Nam Viet Corporation (Navico) will contribute an additional VND38 billion to collagen manufacturer Amicogen Nam Viet Co., Ltd.

Navico has announced its board of directors’ resolution about the capital contribution.

Amicogen Nam Viet Company was established in March 2020 with charter capital of VND46.48 billion, with Navico holding a 50% stake. This is a joint-venture project between Navico and South Korea’s biotechnology company Amicogen.

In late 2021, Navico broke ground on the joint-venture project to build a collagen peptide and gelatin processing plant in Thot Not Industrial Zone in Can Tho City. The plant is expected to produce 800 tons of collagen and gelatin products per year meeting South Korea’s standards.

In the second quarter of 2022, Navico booked over VND1.2 trillion in net revenue and VND241 billion in after-tax profit, up 20% and 914% year-on-year, respectively.

During the first half of the year, Navico saw its net revenue soaring 41% against the same period last year at VND2.513 trillion, mainly from tra fish sales. Besides, its after-tax profit in the six-month period increased fivefold versus the 2021 figure at VND447 billion, meeting 51% of its 2022 profit target.

On the Hochiminh Stock Exchange, Navico’s ANV stock edged up 2.5% at VND53,300, with over 1.7 million shares changing hands today, August 23.

The benchmark VN-Index on the HCMC bourse closed at its intraday high. It added 10.38 points, or 0.82%, over the session earlier at 1,270.81, with 308 advancers and 140 decliners. Trade on the HCMC market contracted nearly 9% in volume and 5% in value at over 564 million shares and around VND14 trillion.

The HNX-Index of the Hanoi market also ended at its intraday high. With 141 winners and 60 losers, the index gained 4.41 points, or 1.5%, against yesterday’s session at 299.14.

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