LOF International Dairy reported a profit of nearly VND 300 billion in the third quarter of 2024, a 17% increase compared to the same period last year and the highest quarterly profit since its listing on the stock exchange.
LOF International Dairy reported a profit of nearly VND 300 billion in the third quarter of 2024, a 17% increase compared to the same period last year and the highest quarterly profit since its listing on the stock exchange.
According to the recently released consolidated financial report for the third quarter of 2024, LOF International Dairy Joint Stock Company (stock code: IDP) recorded net revenue of VND 2,048 billion, an increase of 24% compared to the same period last year. Gross profit for this period reached VND 835 billion, an increase of 23% compared to the same period last year. The gross profit margin was approximately 41%, equivalent to the level of the same period in 2023.
Financial revenue increased by 32% year-on-year, from VND 36 billion to VND 48 billion. Expenses in the third quarter also increased compared to the same period last year. Specifically, financial expenses increased by 9% to VND 20 billion, selling expenses increased by 32% to VND 425 billion, and administrative expenses increased by 23% to VND 63 billion.
After deducting expenses, the company reported a pre-tax profit of VND 377 billion and an after- tax profit of approximately VND 300 billion, representing increases of 16% and 17% respectively compared to the same period last year. This is the highest quarterly profit since the company listed on the stock exchange in January 2021.
In a written explanation submitted to the Hanoi Stock Exchange, Mr. Bui Hoang Sang, General Director of LOF International Dairy Joint Stock Company, stated that the increase in net revenue was due to changes in the sales structure of product groups. In addition, the difference between financial revenue and financial expenses increased compared to the same period last year, contributing to the rise in profit.
For the first nine months of the year, the company's net revenue reached approximately VND 5,563 billion, a 12% increase compared to the same period last year. Gross profit increased by 13% to VND 2,241 billion, with a gross profit margin of 40%.
Profits before and after tax were over VND 1,031 billion, up 16%, and VND 811 billion, up 15%, respectively, compared to the same period in 2023.
At its annual general meeting in March, IDP set a target for net revenue this year ranging from VND 7,800 to VND 8,000 billion, an increase of 17-20% compared to 2023. Regarding after-tax profit targets, the company presented a low scenario of VND 850 billion, a decrease of 5% compared to the previous year, and a high scenario of VND 950 billion, an increase of 6% compared to 2023.
After the first three quarters of the year, the owner of Kun milk company has completed approximately 70% of its revenue plan and 95% of its revenue target under the low-scenario plan.
As of the end of September 2024, IDP had total assets exceeding VND 6,282 billion, an increase of over VND 1,000 billion compared to the beginning of the year. Cash and cash equivalents amounted to over VND 138 billion, with the majority being bank deposits. Liabilities totaled over VND 2,923 billion, mostly short-term. Equity was nearly VND 3,359 billion, with accumulated profit approximately VND 1,886 billion.
Established in 2004 in Hanoi, LOF International Dairy Joint Stock Company owns many familiar dairy brands such as LiF, Kun, Bavi, and LOF. The company built its second factory in Ba Vi six years later and gradually became an influential mid-range brand in the North.
In 2014, IDP received a $75 million investment from VinaCapital and Daiwa Investment Group (Japan) with the hope of rising from the mid-range segment to become a market leader. However, difficulties arose for the company shortly after receiving the investment. From 2014 to 2018, the company only escaped losses in 2015. It wasn't until 2019 that the company returned to profitability and entered a period of strong growth. In July 2024, the company officially changed its name to LOF International Dairy Joint Stock Company.
The company's shares are traded on the UPCoM exchange. The current price is 250,100 VND and frequently lacks liquidity. Its market capitalization is over 15,457 billion VND.
Source: https://baodautu.vn/chu-hang-sua-kun-lai-ky-luc-d229101.html
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