Kun milk company owner makes record profit

LOF International Milk's profit in the third quarter of 2024 was nearly 300 billion VND, an increase of 17% over the same period and the highest quarterly profit since registering to trade on the stock exchange.

LOF International Milk's profit in the third quarter of 2024 was nearly 300 billion VND, an increase of 17% over the same period and the highest quarterly profit since registering to trade on the stock exchange.

According to the recently announced consolidated financial report for the third quarter of 2024, LOF International Dairy Products Joint Stock Company (stock code: IDP) recorded net revenue of VND 2,048 billion, up 24% over the same period. Gross profit during this period reached VND 835 billion, up 23% over the same period last year. Gross profit margin was about 41%, equivalent to the same period in 2023.

Financial revenue increased by 32% year-on-year, from VND36 billion to VND48 billion. Fees in the third quarter also increased year-on-year. Specifically, financial expenses increased by 9% to VND20 billion, sales expenses increased by 32% to VND425 billion, and business management expenses increased by 23% to VND63 billion.

After deducting expenses, the company reported pre-tax profit of VND377 billion and after-tax profit of about VND300 billion, up 16% and 17% respectively over the same period last year. This is the highest quarterly profit since the company registered to trade on the stock exchange in January 2021.

In an explanatory document sent to the Hanoi Stock Exchange, Mr. Bui Hoang Sang, General Director of LOF International Dairy Joint Stock Company, said that net revenue increased due to the impact of changes in the sales structure of product groups. In addition, the difference between financial revenue and financial expenses increased compared to the same period, helping to increase profits.

Accumulated in 9 months, the company's net revenue reached about 5,563 billion VND, up 12% over the same period. Gross profit increased by 13% to 2,241 billion VND, gross profit margin reached 40%.

Pre-tax and after-tax profits were over VND 1,031 billion, up 16% and VND 811 billion, up 15% over the same period in 2023, respectively.

At the annual meeting held in March, IDP set a target of net revenue this year of VND 7,800 - 8,000 billion, an increase of 17-20% compared to 2023. Regarding the target of after-tax profit, the company gave 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 3 quarters of the year, the owner of Kun milk company has completed about 70% of the revenue plan and 95% of the revenue target under the low scenario.

As of the end of September 2024, IDP had total assets of more than VND 6,282 billion, an increase of more than VND 1,000 billion compared to the beginning of the year. Cash and cash equivalents accounted for more than VND 138 billion, most of which were bank deposits. Liabilities were more than VND 2,923 billion, most of which were short-term. Owner's equity was nearly VND 3,359 billion, accumulated interest was approximately VND 1,886 billion.

Established in 2004 in Hanoi, LOF International Dairy Joint Stock Company owns many milk brands familiar to consumers such as LiF, Kun, Bavi, LOF. The company built a second factory in Ba Vi after 6 years and gradually became an influential mid-range brand in the North.

In 2014, IDP received an investment of 75 million USD 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 this enterprise immediately after receiving the investment capital. From 2014 to 2018, the company only escaped losses in 2015. It was not until 2019 that the company returned to profit and entered a period of strong growth. In July 2024, this enterprise officially changed its name to LOF International Dairy Joint Stock Company.

The company's shares are traded on the UPCoM exchange. The current price range is 250,100 VND and is often illiquid. Market capitalization is over 15,457 billion VND.

Source: https://baodautu.vn/chu-hang-sua-kun-lai-ky-luc-d229101.html