Vinamilk sold milk abroad, earning more than 8,300 billion VND

Vinamilk’s third quarter consolidated financial report has just been announced, showing that revenue from sales and service provision reached 15,549 billion VND, approximately the same period last year. The increase in cost of goods sold caused gross profit in the quarter to decrease by 2%, to VND 6,401 billion, corresponding to a gross profit margin of more than 41%. Revenue and financial costs both decreased compared to the third quarter of 2023, causing profit after tax to decrease by 5.1%, to VND 2,403 billion.

The company explained that this quarter’s profit decreased due to difficulties in the domestic market, partly due to the impact of Typhoon Yagi. However, the recovery trend was still recorded in the first 9 months of the year with a profit margin improvement of 140 basis points, thanks to product structure adjustments and more stable import costs.

The growth driver of the business in the third quarter mainly came from exports, when revenue from this segment increased by 10.3% and international branches such as the US and Cambodia increased by 8.5%.

Accumulated in the first 9 months of 2024, revenue from foreign markets reached 8,349 billion VND, an increase of 15.7% over the same period. The company’s products continue to record double-digit growth thanks to effective marketing and market development activities.

In the drinking yogurt segment, revenue from Probi grew nearly 30% over the same period. For Green Farm nut milk and fresh milk, the market share grew positively, leading the nut milk market (excluding soy milk), with 9-month revenue doubling compared to the same period last year.

Accumulated in the first 9 months of the year, net revenue reached 46,306 billion VND and profit after tax was 7,306 billion VND, up 3.5% and 10% respectively over the same period, completing nearly 78% of the yearly profit plan.

As of September 30, Vinamilk’s total assets reached 57,677 billion VND, of which cash and cash equivalents accounted for 2,616 billion VND, inventory of more than 6,100 billion VND and term bank deposits of nearly 26,000 billion VND. Idle money deposited in the bank brought the company more than 1,041 billion VND in interest in the first 9 months of 2024. Liabilities at the end of the third quarter were 22,433 billion VND, of which more than 8,400 billion VND was short-term debt. Undistributed profit after tax reached VND 2,870 billion.

The company continues to maintain its full-year revenue target of VND 63,163 billion, expecting a recovery in domestic consumer demand and export growth, while optimizing production costs.

In addition, this company has just listed the depository certificate “VNM19” on the Thai Stock Exchange. The product is issued by Yuanta Securities Company (Thailand), allowing Thai investors to trade stocks in local currency and existing securities accounts. This expands investor access, enhances liquidity and improves corporate governance to international standards.