Pan Pacific (PAN) reported a consolidated revenue of over 1.12 trillion (US$52 million) and a pre-tax profit of VND183 billion ($8.47 million) for 2014. PAN, which specialises in the agriculture and food products, said during its shareholders general meeting on April 24 that though it had not achieved the targeted revenue, it still saw profits surge 31 per cent more than expected.
This year, PAN expects VND2.5 trillion ($115.5 million) in revenue and a pre-tax profit of VND280 billion ($12.9 million), reflecting an increase of 53 per cent over 2014.
Chairman Nguyen Duy Hung said if these targets are met, PAN would announce a dividend of 10 per cent in cash.
PAN Food grows 10-fold
PAN's board of directors also decided to increase the charter capital of its subsidiary PAN Food from VND100 billion (4.629 million) to VND1 trillion ($46.29 million) during the meeting.
The additional capital will be contributed from VND 576.3 billion ($26.6 million) in cash and from PAN's holding of 3.39 million shares in the Long An Food Processing Export Joint Stock Company and through 7.27 million shares in Bentre Aquaproduct Import And Export JSC.
Also at the meeting, CEO Michael Louis Rosen announced that Pan would change its name from Trans-Pacific Corporation to the PAN Group Corporation or the PAN Group.
Chairman Nguyen Duy Hung said the idea of ​​investing in the agriculture industry had been questioned five years ago, but results showed that PAN had achieved initial targets that had encouraged both the founding members and PAN's employees.
Professor Tran Dinh Long, a member of the PAN board, said Viet Nam had considerable potential for developing the agriculture industry, as well as the food industry. PAN would not only produce early stage agricultural products, but also sell high quality food that could be readily served at consumers' dining table.
PAN is a leading Vietnamese agribusiness and food company, which was established in 1993 and has been listed in the local market since 2006.
On April 24, PAN shares closed at VND38,300 ($1.7) each on the HCM City Stock Exchange