Vinamilk announced business results for the second quarter of 2024: Impressive growth

Revenue set a new peak

Vinamilk's total consolidated revenue in the second quarter of 2024 reached 16,665 billion VND, surpassing the peak of 16,194 billion VND in the third quarter of 2021 to become the quarter with the highest revenue. This is also the quarter with the highest growth rate of the business since the beginning of 2022 with an increase of 9.5% over the same period.

This result was supported by both domestic and foreign business activities with growth rates increasing by 5.8% and 29.9% respectively over the same period. With the acceleration in the second quarter of 2024, the total accumulated consolidated revenue in the first 6 months of 2024 reached 30,790 billion VND, an increase of 5.6% over the same period and completing 48.7% of the year plan.

Gross profit margin expanded 2 percentage points to 42.4% thanks to strong revenue growth and the company proactively adjusting purchasing policies in accordance with raw material price developments. Consolidated profit after tax in the second quarter of 2024 reached VND 2,695 billion, up 20.9% over the same period. Accumulated for 6 months, profit after tax reached 4,903 billion VND, up 18.6% over the same period and completing 52.3% of the year plan.

According to the financial report until the end of the second quarter, Vinamilk maintained a healthy and highly liquid balance sheet, total assets reached 54,194 billion VND and the debt-to-total asset ratio was 14.7%. Ms. Mai Kieu Lien - General Director of Vinamilk, commented in the information release that Vinamilk had an outstanding quarter when total consolidated revenue set a new record, more importantly, revenue achieved growth in all departments. domestically, exported to domestic and foreign member units.

According to Ms. Lien, this result comes from continuously improving products, improving service quality, expanding markets, optimizing operational efficiency and a strong innovation strategy in recent times. The business leadership also shows confidence in the 2024 business plan, with improving macro factors combined with innovation strategies being strongly implemented.

Exports "speeded up", domestic revenue maintained a steady increase

In terms of revenue structure, foreign markets contribute up to 18.5% of consolidated revenue in the second quarter of 2024. Of which, net export revenue reached 1,740 billion VND, an increase of 37% over the same period and higher than the increase of 5.9% in the first quarter of 2024. Continuously improving products and maintaining close relationships with partners in key export markets in a volatile world context are the basis for growth in export activities in recent quarters. .

Besides promoting traditional markets, Vinamilk is opening up new opportunities following the trend of supplying global chains. This orientation brings Vinamilk products to more of the Australian region. At the same time, Africa and South America are also potential areas for this business.

In the coming time, Vinamilk will maintain focus on emerging markets, taking advantage of free trade agreements and building strategic partnerships. In the second quarter, Vinamilk continued to promote trade promotion activities and connect international trade by continuously attending international fairs and exhibitions at home and abroad such as: Vietnam Sourcing connecting with suppliers. retail, global supply chain, exhibitions in China, South America, Japan, Taiwan...

The sustainable development strategy is also utilized by Vinamilk as a competitive advantage when exporting to create "new breeze". For example, for products exported to Australia and New Zealand with environmentally friendly packaging, it is expected that by 2025, 100% of products exported to this area will use easily recyclable packaging...

With foreign branches in Cambodia and the US, net revenue in the second quarter of 2024 reached 1,384 billion VND, growing 21.8% over the same period and higher than the increase of 9.6% in the first quarter of 2024.

Meanwhile, the main source of revenue from domestic channels reached VND 11,850 billion in the second quarter of 2024, an increase of 3.8% over the same period and the highest increase in the last 3 quarters, thanks to the two-year growth rate. numbers in the industries of drinking yogurt, condensed milk, nut milk... thanks to many efforts to improve products, expand distribution channels and effective marketing. In the second quarter alone, Vinamilk had many innovations in product packaging such as eating yogurt and Probi drinking yogurt, introducing new high-protein grain milk products or launching the advertising campaign "Squeezed every day, Fresh every day" for 100% Fresh Milk...

In June 2024, according to the prestigious report "Brand Footprint" from Kantar Worldpanel, Vinamilk is the most chosen milk brand in Vietnam in 2024, and the Top 3 most chosen FMCG manufacturers in the entire region. country and city. According to comments from Kantar Vietnam, innovation and dynamism to meet new needs are also factors that help Vinamilk maintain this position for the 12th consecutive year.

The Sustainable Development segment continues to be implemented by the enterprise. 2024 is the 17th year that Vinamilk continues to implement the Stand Tall Vietnam Milk Fund, donating 630,000 boxes of milk to more than 8,000 disadvantaged children. In addition, the action program towards Net Zero 2050 is still being strongly implemented by Vinamilk with greenhouse gas inventory activities according to ISO 14064, planting forests to absorb carbon, and moving towards carbon neutrality for its units. member…

Vinamilk's action program towards Net Zero 2050 has received great attention at the 2024 Global Dairy Conference taking place in the UK and Vinamilk is the only dairy enterprise in Asia to receive the Asian Responsible Business Award. Asia (AREA) 2024 – in the “Green Leadership” category.