Owner of soy milk brand Fami reports $30 mln profit in Q2

Quang Ngai Sugar JSC, owner of famous soy milk brand Fami in Vietnam, reported after-tax profit of nearly VND712 billion ($30 million) in the second quarter of this year, up 95% year-on-year.

The company, listed on the unlisted public company market UPCoM as QNS, earned net revenue of VND3.15 trillion ($133.14 million) in the period, up 43%, according to its Q2 financial statement.

Quang Ngai Sugar said that the economy is facing difficulties and purchasing power has not fully recovered. Consumption of dairy products, mineral water, beer and confectionery all decreased over the same period last year.

"The above results come from stable production and high growth in consumption of some products. Specifically, revenues from the sugar, electricity and malt segments increased by 151%, 39% and 14%, respectively," the company report said.

The management said that Quang Ngai Sugar has focused on investing in developing raw material areas in the direction of industrial production, helping to increase the productivity and quality of sugarcane. In addition, the state's trade remedies for sugar products and control of smuggled sugar have also helped boost the efficiency of sugar production and business.

In the first six months of this year, Quang Ngai Sugar posted net revenue of VND5.28 trillion ($223 million) and after-tax profit of VND1.03 trillion ($43.4 million), up 31% and 90% year-on-year, respectively.

In the revenue structure, sugar products reached nearly VND2.22 trillion ($93.77 million), accounting for 43% of the total revenue, followed by the soy milk segment with VND1.98 trillion ($83.55 million), accounting for 38%.

In 2023, Quang Ngai Sugar has set a revenue target of VND8.4 trillion ($354.8 million) and after-tax profit of over VND1 trillion ($42.6 million).

Quang Ngai Sugar is the parent company of Vietnam Soy Milk Company (Vinasoy), the largest soy milk producer in Vietnam. Quang Ngai Sugar also has many subsidiaries, factories and enterprises operating in different fields, including the Dung Quat brewery, Biscafun confectionery factory, Thach Bich mineral water factory, Sugarcane seed center, and factories related to sugar products like An Khe Sugar and Pho Phong Sugar.

In 2022, Quang Ngai Sugar recorded net revenue of VND8.32 trillion ($351.35 million) and after-tax profit of VND1.29 trillion ($54.32 million).

On the UPCoM, QNS stood at VND52,500 ($2.22) at Friday's close.