Vinamilk achieved record-breaking quarterly revenue - Photo: VI NAM
The "big players" in the dairy industry are thriving.
According to its consolidated financial report for the third quarter of 2025, Vietnam Dairy Products Joint Stock Company (Vinamilk) recorded net revenue of VND 16,953 billion, an increase of over 9% compared to the same period last year. This figure reached a record high.
According to an analysis report by Mirae Asset Securities, Vinamilk's domestic and international markets both recorded net revenue growth of 5.1% and 32.6% respectively compared to the same period last year. Notably, net revenue from exports reached VND 2,019 billion, a sharp increase of 46.8%.
Gross profit in the third quarter reached over VND 7,087.3 billion, an increase of nearly 11%. During the quarter, financial income and expenses remained relatively unchanged, while selling and administrative expenses increased by 7.5%. After deducting expenses, net profit after tax reached over VND 2,510 billion, an increase of 4.5%.
For the first nine months of the year, the company recorded revenue of over 46,612 billion VND, a slight increase of nearly 3%. Net profit after tax was 6,586 billion VND, a decrease of 9.8%.
According to its 2024 annual report, Vinamilk stated that its domestic business segment accounts for approximately 80% of total revenue and is entering a new phase. Its overseas business segment, however, is the driving force behind its growth.
Sharing with shareholders, Ms. Mai Kieu Lien, General Director of Vinamilk, said that the company currently ranks 36th among the world's leading dairy companies and has exported to 63 different countries and territories.
At the end of the third quarter, the company's total assets reached nearly VND 55,678 billion, a slight increase of 1% compared to the beginning of the year. Of this, short-term bank deposits amounted to VND 21,134 billion, accounting for nearly 34% of total assets.
Many other businesses are facing difficulties.
On the stock exchange, IDP shares of Lof International Dairy Joint Stock Company are priced at approximately 180,000 VND per unit, nearly three times higher than VNM shares of Vinamilk. However, the company's business operations are facing several challenges.
In the third quarter of 2025, Lof International Dairy's net revenue reached nearly VND 1.618 billion, a decrease of 21% compared to the same period last year. The company incurred a net loss after tax of nearly VND 134 billion.
Explaining the shift from profit to loss in the third quarter, the company stated that net revenue decreased sharply by 21% while the cost of goods sold only decreased slightly by 5.4%, resulting in a significant drop in gross profit. Operating expenses were high, specifically financial expenses surged by 91.4%, and selling expenses increased by 39%. Consequently, the company's business results were dragged down to negative territory.
For the first nine months of the year, the dairy company recorded net revenue of 5,562 billion VND, almost unchanged from last year. However, after-tax profit reversed from nearly 811 billion VND to a loss of nearly 63 billion VND.
Lof International Dairy's total assets as of September 30, 2025, amounted to VND 7,371 billion, an increase of 6.1% compared to the beginning of the year. Liabilities totaled over VND 4,320 billion, with long-term loans and financial lease liabilities increasing sharply from nearly VND 668 billion to VND 1,152 billion.
Another company that also performed poorly is Moc Chau Dairy Cattle Breeding Joint Stock Company (Moc Chau Milk). The company recorded net revenue of over 716 billion VND in the third quarter, a decrease of more than 3% compared to the same period last year. However, after-tax profit was 28 billion VND, a decrease of more than 34% compared to the third quarter of 2024. For the first nine months of the year, the company achieved nearly 152 billion VND in after-tax profit, a slight increase of nearly 2%.
At the end of the quarter, Moc Chau Milk's total assets amounted to approximately VND 2,792 billion. The company had liabilities of nearly VND 461 billion, lower than its equity of approximately VND 2,332 billion.
For Hanoi Milk Joint Stock Company (Hanoimilk), net revenue in the third quarter of 2025 reached nearly 153 billion VND, a decrease of over 29%. The company explained that this was due to a decline in processing sales. Meanwhile, the cost of goods sold only decreased by 3.7%, while other expenses such as sales, business management, and finance all increased. As a result, after-tax profit in the third quarter of 2025 only reached 1.6 billion VND, a decrease of over 80%. For the first nine months of the year, Hanoimilk's after-tax profit was nearly 15 billion VND, a decrease of nearly 38% compared to the same period in 2024.
Comparison of quarterly gross profit margins of dairy companies - Source: Compiled Financial Statements
A comparison of gross profit margins reveals a polarization in business performance among dairy companies. Thanks to economies of scale, Vinamilk's profit margin consistently remains above 40%. Meanwhile, smaller companies like Hanoimilk maintain margins below 20%. This ratio at Lof International Dairy has also fallen below 40% in the last three quarters.
Source: https://tuoitre.vn/buc-tranh-trai-chieu-nganh-sua-vinamilk-dat-ki-luc-moi-nhieu-doanh-nghiep-khac-hut-hoi-20251214110633306.htm
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