Miliket instant noodle owner reports $895,000 profit in 2022

Colusa-Miliket Foodstuff JSC, owner of the famous Miliket instant noodles brand in Vietnam, reported after-tax profit of VND21 billion ($895,000) in 2022, up 150% year-on-year.

The company, registed on the unlisted public company market (UPCoM) as CMN, recorded net revenue of VND631 billion ($26.88 million), up 10% and a record high. Of this, more than 93% came from the domestic market. Exports only accounted for a small proportion, but the growth rate and gross profit margin were higher.

The "two shrimps" instant noodles were the mainstays, alongside new products such as bowl noodles, porridge, and instant noodle soup. The brand appeared on the market before 1975, and had a virtual monopoly for a long time.

As of December 31, 2022, the company's total assets stood at VND263 billion ($11.2 million), of which nearly 80% of these were demand deposits or short-term deposits at banks.

The company currently has three major shareholders holding 71% of its chartered capital, including two state-owned companies, Vietnam Southern Food Corporation - JSC and Vietnam National Tobacco Corporation.

The CMN share price hit VND75,100 ($3.2) per unit at Friday's close.