Seaprodex targets about 79.8 billion VND pretax profit for 2026 amid significant shareholder changes

Seaprodex, officially Viet Nam National Fisheries Corporation – Joint Stock Company (UPCoM: SEA), has published the agenda for its 2026 Annual General Meeting (AGM), outlining cautious growth targets as the company transitions under a new management team. After a turbulent 2025 marked by numerous stock-transfer deals worth trillions of dong, SEA said it aims to maintain revenue and profit stability while legal obstacles affecting real estate projects are being resolved.

2026 business targets and cost outlook

For 2026, management plans to present an updated business plan to the AGM with growth targets above 2025’s results. Total revenue is targeted at 170.9 billion dong, up 7% from 2025 actual revenue.

SEA targets 79.8 billion dong in pretax profit for 2026, up 2% year-on-year. Total operating expenses are expected to reach 91 billion dong, up about 12%.

Dividend plan

For 2025, Seaprodex plans to pay a cash dividend at 5% of par value, which would translate to 500 dong per share for shareholders holding SEA shares. For the 2026 plan, the dividend rate has not yet been set; the Board said it will determine the rate based on actual production and business results and submit it to the general shareholders meeting in 2027.

In recent years, SEA has continued paying cash dividends. At the end of October 2024, the company paid 500 dong per share. Most recently, in October 2025, shareholders received 550 dong per share.

Leadership and governance changes

Seaprodex also plans major leadership changes at the 2026 AGM. The Board proposed dismissing Do Thi Phuong Lan from the Board of Directors and Le Trung Hieu. It also proposed removing Do Thi Lan Huong from the Supervisory Board. All three submitted resignations on September 12, 2025. To fill the vacancies, the company will elect replacements for the remainder of the 2025–2029 term.

2025 ownership reshuffle: major exits and new capital

SEA’s ownership structure underwent a “change of blood” through two main phases in 2025, involving large capital movements and changes in investor names.

Phase 1 (August 2025): Gelex exits as a major shareholder

In August 2025, Gelex sold nearly 8.9 million SEA shares, reducing its stake from 9.52% to 2.42% of SEA’s charter capital. Based on the then trading price, Gelex estimated revenue of about 302 billion dong and officially exited as a major SEA shareholder.

Phase 2 (late 2025, climax on December 23, 2025): record trading and full withdrawals

The second phase culminated on December 23, 2025, with a record trading volume of 40.6 million SEA shares, equivalent to 32.5% of the company’s charter capital. In this round, two old shareholder groups fully withdrew:

• S.S.G Group sold more than 14.9 million shares (11.92%), earning about 512 billion dong.
• Red Capital sold all 18 million shares for a total deal value of about 923 billion dong.

New investors: real estate-linked capital

New capital entering SEA came predominantly from real estate developers. Ngân Hiệp Real Estate (a subsidiary of NovaGroup) paid around 1,030 billion dong to own more than 30 million shares, representing 24.03% of charter capital. Redwood Investment also acquired more than 10.5 million shares, or 8.44% of capital, valued at an estimated 360 billion dong.

By the end of 2025, SEA’s major shareholders formed a “triple-legged” structure: SCIC 63.38%, Ngân Hiệp Real Estate 24.03%, and Redwood Investment 8.44%.

Financial position and operating performance

Despite the major ownership changes, Seaprodex reported stable financial health. The company’s current ratio at end-2025 stood at 7.39x. Debt-to-Equity was 0.04x, indicating near absence of external debt.

However, operating performance faced pressure. The gross profit margin declined from 47.59% to 41.38%. Return on Equity (ROE) in 2025 was 3.79%, slightly higher than 3.71% in the previous year.

Business ecosystem and key revenue contributors

Seaprodex’s ecosystem includes 3 subsidiaries, 9 associates, and 12 long-term investments. In standalone terms, Viet Phap Sản xuất Thức ăn Gia súc led the network with nearly 8,718 billion dong in revenue and 707 billion dong in net profit.

Other linked groups also recorded multi-trillion revenues, including Nông nghiệp Hùng Hậu (2,445 billion) and Thủy sản Minh Hải (nearly 1,491 billion). Traditional brands continued to perform stably, with Thủy sản Miền Trung delivering 833.6 billion in revenue and Đồ hộp Hạ Long achieving 668 billion.

For directly owned subsidiaries, Thủy sản Năm Căn contributed 607.2 billion in revenue. Thủy sản Hà Nội had a smaller revenue scale at 122 billion but generated strong profitability with 34 billion dong in net income.