Fish breeder Qian Hu swings to 2021 profit

Goldfish in a fish tankGoldfish in a fish tank

Qian Hu Corp. swing to a S$1.72 million net profit for 2021 from a year-earlier loss of S$1.43 million on a recovery in air freight operations, which boosted its exports, the ornamental and edible fish breeder said in a filing to SGX Wednesday. 

Revenue for the full year increased 6.3 percent on-year to S$80.0 million, Qian Hu said. 

For the fish segment, full-year revenue increased 9.2 percent on-year to S$30.41 million, while net profit surged 819 percent on-year to S$2.78 million.  

The accessories segment posted a 6.6 percent on-year increase in revenue to S$41.91 million, while net profit for the year fell 17 percent on-year to S$1.66 million.  

The plastics segment reported full-year revenue fell 4.9 percent on-year to S$7.68 million, while net profit dropped 40.8 percent on-year to S$751,000. 

Qian Hu’s directors have proposed a dividend of 0.3 Singapore cent. 

In its outlook, Qian Hu said that despite the emergence of Covid-19 variants, including Omicron, the worst may be over for global businesses.

Yap Kok Cheng, Qian Hu’s CEO, said that after nearly two years of business disruptions, the company would aggressively expand, particularly in the aquaculture, ornamental fish and accessories businesses, on expectations the global landscape would continue to improve.

The company pointed to its investment in December in AquaEasy, a unit of Bosch Group, which develops artificial intelligence (AI) and Internet of Things (IoT) services in boost shrimp farmers’ productivity and sustainability.

Qian Hu said that in line with the Singapore government’s goal to produce 30 percent of the country’s food locally by 2030, it would upgrade its farm to produce more shrimp.