How is the 5-year investment of Ms. Nguyen Thanh Phuong's company?

(Dan Tri) - Lof International Milk - a unit invested by Ms. Nguyen Thanh Phuong's company - plans to have a profit decrease of 50-59% this year compared to last year, and debt increase by the end of 2024.

Big profit in the first quarter of the year thanks to self-employment and lending

Vietcap Securities Joint Stock Company (stock code: VCI), chaired by Ms. Nguyen Thanh Phuong, has just announced its consolidated financial report for the first quarter of the year.

According to this report, the company achieved revenue of nearly VND851 billion, up nearly 6% over the same period last year. Revenue mainly came from profits from selling financial assets recorded through profit/loss (FVTPL) and profits from loans and receivables. These activities all grew strongly compared to the same period last year. In contrast, securities brokerage decreased by 18% to VND149 billion.

After deducting all expenses, Vietcap achieved after-tax profit of nearly 295 billion VND, up 49% over the same period.

Enterprises explained that in the first quarter of the year, the stock market had positive developments, with the VN-Index reaching 1,342.91 points at times, a sharp increase compared to the end of last year (1,266.78 points).

Therefore, during the period, the company realized profits from some investments, so net profit from selling financial assets recorded through profit/loss (FVTPL) of proprietary trading activities increased sharply and margin lending activities also increased by 43%.

According to the notes, short-term financial assets at FVTPL at the end of the first quarter reached a value of more than VND1,242 billion (according to purchase price), an increase of VND392 billion in just 3 months. The company reduced investment in unlisted bonds and increased the purchase of listed stocks (from VND201 billion to VND872 billion).

For ready-to-sell securities, the total portfolio size decreased from VND8,400 billion to VND7,500 billion. Some prominent stocks in Vietcap's portfolio are temporarily making large profits such as KDH (Khang Dien House), IDP (Lof International Milk), MBB ( MBBank ) or STB (Sacombank). In particular, considering the difference between the purchase price and the market price, Vietcap temporarily made a profit of nearly VND1,442 billion when investing in IDP shares - the highest temporary investment profit at this time.

Vietcap's financial investments (Unit: VND. Source: First quarter financial report).

Lof International Milk: Profit plan decreased, debt increased

Vietcap invested in IDP shares since 2020 with a value of nearly 441 billion VND, unchanged from the present.

According to the company's introduction, International Milk Company was established in 2004, starting with the construction and operation of a factory in Chuong My ( Hanoi ). One year later, the company launched the Ba Vi milk brand.

In 2013-2014, the dairy company inaugurated a factory in Cu Chi (HCMC) and launched the Kun milk brand.

The company then launched several other milk brands for teenagers and changed its name to Lof International Milk in 2024.

After more than 20 years, Lof International Dairy Company has 2 branch offices in Ho Chi Minh City and Hanoi; 3 factories in Ba Vi (Hanoi), Cu Chi (Ho Chi Minh City) and Bau Bang ( Binh Duong ). The company has also developed in the Cambodian market for 7 years.

In the year Vietcap invested (2020), Mr. To Hai - General Director of Vietcap - also became Chairman of the Board of Directors of International Milk. After that, Mr. Hai's wife, Ms. Truong Nguyen Thien Kim, also became a member of the Board of Directors of this dairy company. To date, Mr. To Hai and his wife still hold the above positions.

In the 5 years (2020-2024), Lof International Milk's annual profit reached several hundred billion VND, the lowest being 502 billion VND in 2020 - the first year Vietcap invested. After that, the profit increased sharply by 64% to 823 billion VND in 2021.

From here, the business always maintains a profit of over 800 billion VND per year, especially in 2023 it exceeded 924 billion VND.

However, in 2024, after-tax profit decreased by more than 5% to VND875 billion.

One of the reasons for the decrease in 2024 profits while revenue increased by 15% was the sharp increase in selling and administrative costs. Of which, selling costs increased by 30%, to more than VND 1,884 billion, mainly due to an increase in marketing costs. This type of cost is mostly high in dairy businesses, in the context of fierce competition in the industry to gain market share and increase brand awareness.

While profits decreased, corporate debt increased. As of December 31, 2024, Lof International Milk had VND 1,446 billion in short-term financial debt, an increase of 95% compared to the beginning of the year. The company had more than VND 667 billion in long-term financial debt, 18.5 times higher. Total financial debt was VND 2,113 billion, with a debt/equity ratio of 0.6 times.

In 2025, the company aims to increase revenue by 10% to 14%, reaching about VND8,400-8,800 billion. However, after-tax profit will decrease by about 50-59% compared to the previous year, to VND360-440 billion. If achieved, this level will be the lowest number the company has achieved since 2020.

Source: https://dantri.com.vn/kinh-doanh/khoan-dau-tu-5-nam-cua-cong-ty-ba-nguyen-thanh-phuong-ra-sao-20250505141514341.htm