|Photo taken of a new rice seed developed by the Viet Nam National Seed JSC (Vinaseed). The company earned a net profit of $7 million last year. — Photo Vinaseed
HA NOI (VNS) — The Viet Nam National Seed Joint Stock Company or Vinaseed (NSC) has announced a revenue of nearly VND1.25 trillion (US$55.8 million) and after-tax profit of VND157 billion ($7 million) in 2015.
Vinaseed also announced that its total assets were worth VND1.56 trillion ($56.1 million) by the end of 2015, an increase of VND610 billion ($27 million) compared with the beginning of the year.
According to the consolidated financial statements of Q4, Vinaseed earned VND426.55 billion ($19 million) in revenue, an increase of 78 per cent year-on-year. It also earned VND153 billion ($6.8 million) in gross profit, an increase of 86 per cent year-on-year. With increasing input and other costs, Vinaseed earned VND41 billion ($1.8 million) in after-tax profits.
In 2015, Vinaseed was in control and became the parent company of the Southern Seed Corporation (SSC). The consolidated business results of SSC helped Vinaseed increase its size and strengthen its leading position in the field of providing a variety of seeds.
Based in Ha Noi, Vinaseed is a scientific and technological corporate entity engaged in the research, breeding, production and business of crop seeds and service transfer of agro-forestry techniques.
The company continues to provide the market high-quality and productive crop seeds and transfer scientific and technological services to satisfy customers in all parts of the country, as well as make practical contributions to the development of Vietnamese agriculture and society.
Vinaseed has now the most diverse seed products and mass consumer products in Viet Nam, with an annual consumption of nearly three tonnes of seeds, equivalent to one million ha of cultivation, a market share of 15 per cent of the rice, 10 per cent of corn and 5 per cent of the vegetable seeds market, as well as a distribution network of more than 1000 dealers of level I around the country. The company is the first seed exporter that has taken the Vietnamese seed brand to regional countries, especially in the export of the tropical hybrid vegetable seed F1 to the South China market.
Vinaseed shares closed at VND93,000 ($4.1) each on the HCM Stock Exchange. — VNS