Vinacafe Bien Hoa's H1 profit jumps 42% to $8.2 mln

By Trang Nguyen
Fri, July 28, 2023 | 4:03 pm GMT+7

Vinacafe Bien Hoa JSC, Vietnam's leading instant coffee maker, reported an after-tax profit of VND195 billion ($8.2 million) in the first half of 2023, up 42% year-on-year.

The company, listed on the Ho Chi Minh City Stock Exchange as VCF, earned net revenue of VND994 billion ($41.99 million) in the period, up 4%, according to its financial statement.

In the second quarter of this year, VCF posted net revenue of nearly VND555 billion ($23.44 million) and after-tax profit of VND122 billion ($5.1 million), up 5% and 10% year-on-year, respectively.

Vinacafe Bien Hoa was converted from a state-owned enterprise into a joint stock company in 2004. Photo courtesy of the firm.

Vinacafe Bien Hoa was converted from a state-owned enterprise into a joint stock company in 2004. Photo courtesy of the firm.

As of June 30, 2023, the company's total assets stood at VND2.24 trillion ($94.7 million), up 6% compared to the beginning of the year, of which inventory hit VND296 billion ($12.5 million), down 20.6%.

The company has set two revenue scenarios for 2023: a low of VND2.5 trillion and a high of VND3 trillion ($126.7 million), up 10% and 32% compared to last year, respectively. It is targeting after-tax profit at a low of VND380 billion and a high of VND500 billion ($21.1 million), up 19% and nearly 57%, respectively.

Vinacafe Bien Hoa is known as the first instant coffee producer in Southeast Asia and has been operating since 1968. In the first phase, VCF developed its product portfolio and established an extensive distribution system, holding the top market share in the instant coffee industry and a leading position in the branded beverage industry in Vietnam.

Major shareholder Masan Beverage, a subsidiary of Masan Group, one of Vietnam’s largest listed conglomerates by market capitalization, currently owns a 98.97% stake in Vinacafe Bien Hoa.

In 2022, VCF achieved net revenue of VND2.21 trillion ($93.04 million), equivalent to 2021. Due to the high cost of capital and financial expenses, its after-tax profit reached VND319 billion ($13.45 million), down 27.7% year-on-year.

According to the company, the reason for the decline in profit was a 30% decrease in net sales from cereals and instant coffee.

At the close on Friday, VCF shares were priced at VND200,800 ($8.47).

Comments (0)
  • Read More
Petrovietnam units sign LNG supply deal for trial run of Vietnam’s first LNG power plants

Petrovietnam units sign LNG supply deal for trial run of Vietnam’s first LNG power plants

PV Power and PV Gas, two units of state-owned Petrovietnam, have signed an LNG supply deal for trial operation of Nhon Trach 3 and Nhon Trach 4, Vietnam’s first LNG-to-power plants.

Energy - Thu, November 21, 2024 | 4:40 pm GMT+7

Sufficient first phase funds ensured for Vietnam’s new mega airport: transport minister

Sufficient first phase funds ensured for Vietnam’s new mega airport: transport minister

Minister of Transport Nguyen Van Thang affirmed Wednesday that funding would be secured for building the Long Thanh International Airport, set to become Vietnam’s biggest.

Infrastructure - Thu, November 21, 2024 | 3:53 pm GMT+7

VAFIE to organize workshop on amendments to horse racing, football betting rules

VAFIE to organize workshop on amendments to horse racing, football betting rules

The Vietnam’s Association of Foreign Invested Enterprises (VAFIE) and The Investor will organize a workshop on suggestions to amend the government’s Decree 06 on horse racing, greyhound racing and international football betting services.

Economy - Thu, November 21, 2024 | 2:38 pm GMT+7

Vietnam Politburo okays international, regional financial centers in HCMC, Danang

Vietnam Politburo okays international, regional financial centers in HCMC, Danang

Vietnam’s highest decision-making body, the Politburo, has greenlighted the establishment of an international financial center in Ho Chi Minh City and a regional financial center in the central city of Danang.

Economy - Thu, November 21, 2024 | 1:50 pm GMT+7

Singapore's Platinum Victory seeks to gain veto at Vietnam’s REE

Singapore's Platinum Victory seeks to gain veto at Vietnam’s REE

Singaporean fund Platinum Victory Pte. Ltd. has registered to buy more shares of Ho Chi Minh City-based utility firm Refrigeration Electrical Engineering Corporation (REE) to achieve the vetoing power in the latter.

Finance - Thu, November 21, 2024 | 11:29 am GMT+7

Posco keen on investing in Vietnam's $2.2 bln LNG power project

Posco keen on investing in Vietnam's $2.2 bln LNG power project

South Korea’s steelmaker Posco is eyeing to invest in the $2.2 billion Quynh Lap LNG-fired power plant project in Vietnam’s central province of Nghe An.

Energy - Thu, November 21, 2024 | 10:42 am GMT+7

Vietnam firm Hoa Lam to build $212 mln Aeon Mall in Mekong Delta

Vietnam firm Hoa Lam to build $212 mln Aeon Mall in Mekong Delta

The Mekong Delta city of Can Tho has accepted a subsidiary of private multi-sector Hoa Lam Group as the investor of the Aeon Mall Can Tho commerce and service center.

Industries - Thu, November 21, 2024 | 10:31 am GMT+7

Vietnam startup expert closes Monkey in Black coffee shop

Vietnam startup expert closes Monkey in Black coffee shop

Tung BT (Tran Thanh Tung), a popular startup expert and social media influencer, is closing his final coffee shop in Ho Chi Minh City, ending a 10-year journey of the "Monkey in Black" brand.

Companies - Thu, November 21, 2024 | 8:16 am GMT+7

Vietnam-Singapore ties set for elevation to comprehensive strategic partnership

Vietnam-Singapore ties set for elevation to comprehensive strategic partnership

Vietnam and Singapore will elevate bilateral ties to a comprehensive strategic partnership and Singaporean Prime Minister Lawrence Wong will visit Vietnam next year.

Politics - Wed, November 20, 2024 | 8:16 pm GMT+7

Vietnam’s Vingroup establishes robotics firms, with co-founder’s 2 sons as major shareholders

Vietnam’s Vingroup establishes robotics firms, with co-founder’s 2 sons as major shareholders

Vingroup, Vietnam’s largest private conglomerate by ecosystem, has set up a robotics unit as it moves to ramp up its industrial-high technology ecosystem.

Companies - Wed, November 20, 2024 | 6:17 pm GMT+7

E-commerce, digital platforms likely to pay taxes on behalf of their sellers in Vietnam

E-commerce, digital platforms likely to pay taxes on behalf of their sellers in Vietnam

E-commerce and digital platforms will have to declare and pay taxes on behalf of their sellers starting January 1, 2025, according to a draft amendment to the Law on Tax Administration.

Finance - Wed, November 20, 2024 | 5:37 pm GMT+7

Flexibility, adaptability key to effective leadership: PepsiCo Vietnam exec

Flexibility, adaptability key to effective leadership: PepsiCo Vietnam exec

In a rapidly changing world, leaders need to develop the skill of being “as flexible as seaweed,” says Nguyen Viet Ha, general director of PepsiCo Foods Vietnam.

Companies - Wed, November 20, 2024 | 3:52 pm GMT+7

Central Vietnam province okays $88 mln automobile part project

Central Vietnam province okays $88 mln automobile part project

Binh Thuan province's industrial zone authority on Tuesday granted an investment registration certificate to a $88 million project invested by Taiwan’s NeoSCM Limited.

Industries - Wed, November 20, 2024 | 3:44 pm GMT+7

Thai packaging firm Thantawan Industry makes inroad into Vietnam

Thai packaging firm Thantawan Industry makes inroad into Vietnam

Thantawan Industry Public Company Limited, a leading Thai manufacturer of premium plastic packaging, has inked a deal for a 30-year factory lease, marking its inaugural investment in Vietnam.

Industries - Wed, November 20, 2024 | 3:34 pm GMT+7

Developer Novaland gets legal hassles cleared for satellite urban area bordering HCMC

Developer Novaland gets legal hassles cleared for satellite urban area bordering HCMC

Major property developer Novoland has had legal obstacles for its Aqua City project cleared after Dong Nai Chairman Vo Tan Duc approved Tuesday a critical adjustment to the southern province’s urban development plan.

Companies - Wed, November 20, 2024 | 2:29 pm GMT+7

Pegatron to quadruple workforce at $800 mln project in Vietnam

Pegatron to quadruple workforce at $800 mln project in Vietnam

Pegatron Vietnam, a subsidiary of Taiwanese electronics manufacturer Pegatron Corporation, is set to soon quadruple the company's workforce for its $800-million project in Vietnam.

Industries - Wed, November 20, 2024 | 2:03 pm GMT+7