Competition storm, how are the dairy industry's 'giants' doing?

The business picture of listed enterprises in the third quarter of 2025 is gradually revealed, in which the "giants" of the dairy industry recorded mixed results, some with strong growth, others continued to suffer losses.

With a population of more than 100 million people, the milk market for children and adults in Vietnam is large in scale, but competition is also fierce - Photo: TRUC PHUONG

Businesses thrive in international markets, assets soar

According to the consolidated financial report for the third quarter of 2025, Vietnam Dairy Products Joint Stock Company ( Vinamilk ) achieved total revenue of nearly 17,000 billion VND, an increase of over 9% over the same period last year. Consolidated profit after tax reached more than 2,500 billion VND (4.5%).

Vinamilk said the domestic business segment accounts for about 80% of total consolidated revenue, the remaining 20% ​​is in the overseas sector, with good growth rate.

Accordingly, Asian and African markets recorded strong growth, with positive contributions from the joint venture Angkor Milk (Cambodia) and Driftwood Dairy Holding (USA).

Sharing with shareholders, the dairy company said the above results came from efforts to change the packaging identity for the entire product portfolio, launching new product lines such as black sesame soy milk, oat milk, Kombucha tea... The company also expanded its store system and strengthened its e-commerce channel.

Accumulated in the first three quarters of 2025, the enterprise achieved consolidated revenue of nearly VND 46,680 billion and after-tax profit of nearly VND 6,590 billion, respectively completing more than 72% and 68% of the yearly plan.

At the end of the last quarter, Vinamilk's assets reached nearly VND55,700 billion, a sharp increase compared to the beginning of the year, of which cash and short-term investments accounted for more than 47%. The debt-to-total-assets ratio was 14.9%. Owner's equity also skyrocketed to over VND37,950 billion.

Many businesses still face difficulties

Meanwhile, the business results of Lof International Dairy Joint Stock Company (IDP) are also of interest to many investors, with revenue growth but facing profit challenges. This is the company that operates the brands Ba Vi fresh milk, KUN milk, Malto barley milk...

In the third quarter of 2025, Lof International Milk's net revenue reached over VND 1,700 billion, a slight increase over the same period last year.

However, due to high sales and administrative costs, after-tax profit was negative VND12 billion. This is also the second consecutive quarter the company recorded a loss.

Since the beginning of the year, this dairy company has earned about 5,560 billion VND in net revenue, but has suffered a loss after tax of 63 billion VND. This shows that business activities are still facing many difficulties.

The total assets of this dairy company reached more than 4,510 billion VND at the end of last quarter. Liabilities were more than 2,260 billion VND, nearly equivalent to equity of 2,250 billion VND.

In the same industry, Moc Chau Dairy Cattle Breeding Joint Stock Company (Moc Chau Milk, code MCM) recorded net revenue of nearly 720 billion VND in the last quarter, a slight decrease compared to the same period last year. After deducting sales and management expenses, the company achieved a profit after tax of 106 billion VND, a decrease of about 4 billion VND compared to the same period.

At the end of the last quarter, Moc Chau Milk's total assets were around VND2,600 billion. The company had liabilities of over VND390 billion, lower than its equity (over VND2,200 billion). The highlight is that the company still maintains positive operating cash flow and is continuing to invest in upgrading the factory and improving the raw fresh milk production process.

On the stock market, at the end of the last trading session of this week, Vinamilk (VNM) stock price reached 57,600 VND, in the VN30 basket - the group of enterprises with the highest capitalization on the Ho Chi Minh City Stock Exchange (HoSE). Meanwhile, MCM (Moc Chau Milk) stock has a market price of 24,450 VND/share.

Notably, the code IDP of Lof International Milk is priced at up to 192,000 VND/share on UPCoM, but daily trading liquidity is very low.

YEN NHI

Source: https://tuoitre.vn/bao-canh-tranh-cac-dai-gia-nganh-sua-dang-lam-an-ra-sao-20251101144915589.htm