Vinamilk aims for record revenue. (Illustrative image)
According to documents presented at the annual general meeting of shareholders held at the end of April, Vietnam Dairy Products Joint Stock Company (Vinamilk, stock code: VNM) aims for consolidated total revenue this year to reach VND 63,163 billion, an increase of 4.4% compared to VND 60,479 billion last year. If achieved, this would be the highest revenue in Vinamilk's operating history, surpassing the record of VND 61,012 billion set in 2021.
Vinamilk aims for pre-tax profit of VND 11,516 billion, a 5% increase compared to the previous year's VND 10,968 billion. After- tax profit is projected to grow at a slower rate, increasing by only 4% year-on-year to VND 9,376 billion.
Regarding the profit distribution plan, Vinamilk expects the total dividend for the whole year of 2024 to be 38.5%, meaning each share will receive 3,850 VND. This dividend rate is the same as the dividend for 2023.
In the annual report, Ms. Mai Kieu Lien, General Director of Vinamilk, stated that the company's priority this year is to continue recovering market share and sales in a sustainable and profitable manner. "That's why we will maintain our focus on optimizing operational solutions to free up budget for market development and strengthening our brand," Ms. Lien shared.
In 2023, Vinamilk recorded total revenue of VND 60,479 billion, a 13% increase compared to the previous year and exceeding 95% of the annual plan. Net profit after tax reached VND 9,019 billion, a 5% increase compared to the previous year and exceeding the target by 5%.
The domestic market contributed VND 50.6 trillion in revenue. According to Ms. Lien, market share in the domestic market has gradually recovered compared to the beginning of last year in most product categories, amidst negative growth across the entire dairy industry. Liquid milk and powdered milk products have halted their market share decline, thanks to market research efforts, brand repositioning, and diversification of distribution channels implemented throughout 2023. Export activities contributed VND 5 trillion in net revenue, a 4.4% increase compared to the previous year. The company continues to develop the Chinese market, alongside other markets such as the Middle East.
The company has already paid two interim cash dividends of 15% and 5% respectively, and finalized the list for a third interim dividend payment at a rate of 9%. Within six months of the conclusion of the 2024 Annual General Meeting, the company will distribute the remaining dividend for 2023 at a rate of 9.5%, or 950 VND per share. Thus, the company has allocated a total of 8,046 billion VND for dividend distribution, equivalent to 91% of the consolidated after-tax profit attributable to the company's owners.
Investment Newspaper
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