CP Vietnam's revenue falls, while profits of many other competitors increase sharply

In the third quarter, major meat companies such as CP Vietnam, Dabaco, Masan MeatLife and Baf Vietnam recorded mixed results. While CP Vietnam saw a decline in revenue, many domestic companies saw good growth.

The third quarter revenue of the 'big guys' in the meat industry recorded many notable points - Photo: C.TUỆ

Masan MeatLife, Dabaco report strong profit growth

Masan MeatLife Joint Stock Company (MML) had an impressive third quarter with revenue of VND2,384 billion, up 23% and after-tax profit of more than VND101 billion, 5.2 times higher than the same period.

The company said this result was thanks to growth in the chilled meat, processed meat and farm segments. Along with revenue growth, optimally controlled production costs contributed to an increase in gross profit of more than VND656 billion.

Accumulated in 9 months, MML's revenue was nearly 6,794 billion VND, up 25%, while after-tax profit reached nearly 466 billion VND, helping to narrow accumulated losses by the end of the third quarter of 2025 to only negative 604 billion VND.

Dabaco Vietnam Joint Stock Company (DBC) also announced its business results with net revenue in the third quarter reaching VND4,841 billion, up 37% over the same period. Gross profit decreased to 13%, while profit after tax reached VND343 billion, up nearly VND31 billion over the same period in 2024.

The company representative said that this positive result came from the fact that in the third quarter, Dabaco recorded positive results in the fields of livestock breeding, production and trading of breeding chickens, vegetable oil and commercial services.

In the first 9 months of the year, Dabaco achieved net revenue of nearly VND 12,271 billion and after-tax profit of VND 1,358 billion, up 23% and 2.5 times respectively compared to the same period last year.

CP Vietnam	62300
Masan MeatLife	6794
BAF Vietnam	3646
Dabaco	12270

Vietnam's CP revenue 'weakens' after pork scandal

CP Vietnam is not required to disclose detailed financial statements. However, the financial statements of Charoen Pokphand Foods Group (CP Foods - CPF), the parent company of CP Vietnam, have revealed the business results of the third quarter and the first nine months of 2025 of this livestock enterprise.

According to the report, CPF's third-quarter revenue in the Vietnamese market reached 22.8 billion baht (about 18,500 billion VND), down 20% compared to the same period last year.

In the first 9 months, revenue from the Vietnamese market reached 76.6 billion baht (about 62,300 billion VND), down 17% over the same period.

Notably, Vietnam became the only market to record a decline in the Thai food group's system globally.

The slowdown in Vietnam also resulted in a 7% year-on-year decline in CPF’s export turnover. In contrast, other markets recorded positive growth: China increased by 36%, Thailand’s domestic revenue increased by 2%, and other markets increased slightly by 1%.

Talking about CP Vietnam, there was an event worth paying attention to in the second quarter of this year, which was Mr. LQN's reflection on social networks that there were stores of this company mixing sick pigs and sick chickens.

As a result, in July 2025, the Investigation Police Agency of Soc Trang Provincial Police decided not to prosecute the criminal case with the crime accusation of Mr. LQN with a permanent address in Soc Trang.

The reason, according to the investigation agency, is that the behavior does not show signs of the crime of "violating food safety regulations" as prescribed in Clause 2, Article 157 of the Criminal Procedure Code.

How does Baf Vietnam do business?

Another meat company that has also announced its Q3 2025 revenue is Baf Vietnam Joint Stock Company (BAF). This company recorded revenue of more than VND 1,136 billion, down 13.5% over the same period. However, gross profit increased by about 18%, reaching nearly VND 264 billion.

During the period, financial revenue increased by nearly 27%, but operating costs also increased sharply, causing Baf Vietnam's net profit to only nearly VND22.5 billion, down 63% over the same period.

Baf Vietnam said the main reason was the decrease in pork prices, ranging from 50,000 - 55,000 VND/kg, along with natural disasters in many central provinces causing increased costs for barns, transportation and animal feed.

In addition, the expansion of new farms and the implementation of high-tech livestock projects also cause management costs to increase faster than revenue growth.

In the first 9 months, Baf Vietnam achieved net revenue of over VND 3,646 billion, down 7.1% over the same period, of which livestock farming is still the main source of revenue with VND 3,647 billion. Profit after tax reached over VND 365 billion, up 70.2% over the same period.

LINH NGUYEN

Source: https://tuoitre.vn/doanh-thu-cp-viet-nam-sut-giam-loi-nhuan-nhieu-doi-thu-khac-lai-tang-manh-20251118155519946.htm