Vinamilk’s profit after tax was 9,453 billion VND, continuing to lead the domestic market share, increasing net revenue in foreign markets by 12.6% – the highest level in 5 years.
The information is stated in the 2024 financial report released by the unit on January 24. In the fourth quarter of 2024 alone, total consolidated revenue reached 15,485 billion VND, approximately the same period in 2023. Net revenue from the domestic market reached 12,843 billion VND. Meanwhile, the foreign market marked the 6th consecutive quarter of positive growth, growing 4% over the same period.
Vinamilk’s outstanding business indicators in 2024. Photo: Vinamilk
Cumulatively in 2024, the company’s total consolidated revenue will reach 61,824 billion VND, an increase of 2.2% over the same period. Profit after tax recorded 9,453 billion VND. This result corresponds to completing 97.9% of the total revenue plan and reaching the profit target thanks to effective control of operating costs.
In terms of revenue structure, the domestic market is still the main contributor with 50,799 billion VND, a slight increase of 0.4% over the same period. According to the unit, this shows a sign of positive recovery during a “tough” period for the market in general and the F&B industry last year. Foreign net revenue reached 10,983 billion VND.
Foreign sales set records
For the whole year 2024, net revenue from foreign markets increases by 12.6% compared to 2023. The dairy company said that the growth motivation comes not only from traditional markets but also from high-end markets such as Taiwan and Korea. , Japan, Canada, America. Some places recorded two to three-digit revenue growth over the same period.
Vinamilk representative shared that the business is implementing many new business forms to exploit the potential of export markets, while making the most of existing production and supply capacity. The company is present in 63 countries and territories worldwide.
The company introduced its products to international markets. Last year, Vinamilk successfully exported to three new markets. Image: Vinamilk
Besides exports, in the last three months of 2024 alone, the growth driver of foreign markets comes from two subsidiaries, Angkor Milk (Cambodia) and Driftwood (USA). Angkor Milk achieved growth of more than 20% thanks to promoting marketing activities and introducing new products. Meanwhile, Driftwood in the US recorded revenue growth of over 10% thanks to efforts to develop distribution channels.
Cumulatively for the whole year 2024, the net revenue of the enterprise’s foreign branches will reach VND 5,319 billion, an increase of 12.9% over the same period, nearly double the growth rate of 6.5% in 2023.
Customers experience the products. Image: Vinamilk
Maintaining the leading position in the domestic market
Vinamilk continues to maintain its position as the most chosen milk brand in Vietnam for the 12th consecutive year, according to Kantar Worldpanel. The company has achieved the title of “National Brand” for 16 consecutive years, maintaining its position in the Top 10 most valuable dairy brands globally (Brand Finance).
Key products that positively contribute to Vinamilk’s growth in the domestic market include: condensed milk, yogurt, adult milk powder, nut milk… Among them, the nut milk industry has grown strongly, despite being new. launched more than two years ago. The unit continuously launches new products such as high-protein grain milk – a pioneering product line that helps this industry grow nearly double over the same period.
Meanwhile, the condensed milk industry, despite reaching a large scale, still records growth thanks to creative suggestions on how to use it in cooking, mixing drinks… with many creative recipes.
Baby milk powder also recovered positively after brand and product repositioning strategies. In the high-end segment, Green Farm continues to be an outstanding product with a prominent communication strategy and products invested in technology that have never appeared on the market.
The products have new packaging. Image: Vinamilk
Vinamilk has invested in comprehensive product upgrades, from packaging design, image, to quality, while promoting trial programs, helping to increase recognition and attract consumers. In 2024, the company launches more than 125 refreshed products.
With this result, the unit has completed changing the identity of almost all products, consistent with the brand identity, expressing the new spirit. Besides innovating packaging and design, Vinamilk also upgrades quality with new technologies such as: vacuum pumping Green Farm fresh milk, Green Farm high protein – low fat – lactose free thanks to ultra-microfiltration technology, Green Farm milk Optimum children’s formula has an improved formula containing up to 6 HMOs (the highest content in the Vietnamese market)…
According to a survey by Ipsos (the world’s third largest market research company, headquartered in France), 73% of consumers evaluate the company as an innovative brand, while 58% perceive the brand as innovative. high class. Both of these indicators increased significantly after repositioning. Ipsos commented that Vinamilk’s comprehensive transformation strategies are creating a solid foundation to create a new growth trajectory in the coming years.