Khanh Sung Company Limited (Vietnam)

The subject operates in the field of processing frozen shrimp products for export. Formerly, the materials for processing were mainly purchased in the domestic market but since 2022, the subject has started to import materials (mainly shrimp) from India, Argentina, Ecuador, Japan, etc. Most of its products have been exported to foreign markets, including the UK, France, Belgium, Japan, South Korea, Australia, the Middle East, Hong Kong, the Philippines, and Malaysia, as revealed by the chief accountant cum shareholder. Last year, export shrimp output increased sharply, but due to falling shrimp prices, its revenue only increased slightly compared to 2022, reaching about VND 3.6 trillion for the whole year 2023, the chief accountant said.Before that, we can see that the company's sales still grew in the period 2018 - 2022. Especially in 2022, the subject's net sales recorded VND 3.3 trillion, which rose by 34.93% in comparison with VND 2.5 trillion in 2021. The GPM was not impressive; hence the profitability performance was low. Although the liabilities ratios decreased and were the same as the industry average, the subject still significantly depended on loans in the short term, which held 57.15% of total resources at the end of 2022. Therefore, its interest payment pressure was very large. Generally, its capital structure was less safe and the payment capacity was not really favorable.