Vietnam dairy giant Vinamilk’s 2024 profit hits 3-year high amid signs of market recovery

Vinamilk, Vietnam’s largest dairy firm, reported a net profit of VND9.45 trillion ($376.91 million) in 2024, marking a 6.5% year-on-year increase and the highest in three years.

The company achieved a record annual net revenue of VND61.78 trillion ($2.46 billion) last year, up 2.3% from 2023, according to its Q4/2024 earnings report.

Of this total, the domestic market contributed VND50.79 trillion ($2.03 billion), a modest 0.4% increase year-on-year, signaling a recovery in the local food and beverage (F&B) sector, Vinamilk (HoSE: VNM) stated.

Meanwhile, revenue from foreign markets surged 12.6% to VND10.98 trillion ($437.9 million), the highest in five years. This growth was driven by both traditional and premium markets, including Taiwan, South Korea, Japan, Canada, and the U.S., the firm said.

To expand its export market, Vinamilk has strengthened partnerships with leading global dairy brands while customizing products for Australia and New Zealand. The company expects exports to become a key pillar of its business strategy in the near future.

As of the end of 2024, Vinamilk reported total assets of VND55.04 trillion ($2.19 billion), an increase of nearly VND2.4 trillion ($95.7 million) from early last year.

Its liabilities stood at VND18.87 trillion ($752.6 million), while owners’ equity reached VND36.17 trillion ($1.44 billion).

VNM shares closed at VND62,200 ($2.48) each last Friday.

Earlier, Vinamilk said that it plans to spend VND1.045 trillion ($41.3 million) to pay interim cash dividends to shareholders for the second phase of 2024 at a rate of 5%, starting February 28 this year.