ANTD.VN - Vinamilk announced its financial report for the fourth quarter of 2023, recording total consolidated revenue and profit after tax of VND 15,630 billion and VND 2,351 billion, respectively, up 3.6% and 25.8% over the same period. For the whole year, total consolidated revenue and profit after tax reached VND 60,479 billion and VND 9,019 billion, respectively, completing 95% of the revenue plan and 105% of the profit plan.
Export revenue in the fourth quarter of 2023 grew impressively
Consolidated net revenue in the fourth quarter of 2023 reached VND 15,619 billion, up 3.7% year-on-year. In particular, foreign markets had an impressive growth of 11.7% year-on-year, contributing VND 2,534 billion in revenue.
Of which, net export revenue reached VND 1,298 billion in the fourth quarter of 2023, a strong breakthrough with a growth rate of 19.3% over the same period. Net revenue of foreign branches reached VND 1,236 billion, a growth rate of 4.7% compared to the high base level of the same period. In 2023, Driftwood (USA) maintained a slight growth in revenue and recorded a profit of over 2 million USD for the first time thanks to effective business and cost savings. AngkorMilk (Cambodia) promoted business activation programs and surveyed milk consumption trends to approach consumers more systematically and effectively. Thanks to that, AngkorMilk's revenue and profit in 2023 recorded impressive growth rates of 6% and 27% respectively over the same period.
For the largest market - the domestic market, net revenue reached VND 13,085 billion, up 2.2% and market share remained stable compared to Q3 in all product categories.
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| Vinamilk product showroom has changed its appearance, bringing a new shopping experience to consumers. |
After introducing new packaging for its liquid milk products in the third quarter of 2023, Vinamilk launched a series of marketing campaigns in the fourth quarter to spread the youthful and dynamic image of its new brand identity. The "Taste Journey" experience event increased awareness of the Green Farm premium fresh milk product line and attracted nearly 7,000 visitors in Ho Chi Minh City and Hanoi, and 12,000 positive discussions on social networks about Vinamilk's boldness and pioneering innovation. This special event, along with promoting "Out-of-Home" (OOH) advertising in prime locations, has helped the liquid milk industry increase its market share significantly in recent months. For Green Farm alone, the 2023 revenue of this product line recorded a growth of nearly 50% over the same period.
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| The experience event "Taste Journey" of Vinamilk Green Farm brand attracts great attention from the community |
In the near future, Vinamilk will upgrade stores in the system of 653 product introduction stores. In 2023, the store channel achieved a revenue growth of 13% over the same period.
Vinamilk also actively expanded its coverage on e-commerce platforms when it first appeared on Tiktok Shop in the livestream session on December 12 and attracted a lot of attention from Vietnamese consumers. In 2023, online sales revenue doubled compared to the same period with more than 4 million orders, 500 thousand visits and 17 thousand interactions on social networks (according to Social Buzz).
For the whole year, consolidated revenue reached VND60,369 billion, up nearly 1% over the same period. Of which, domestic net revenue reached VND50,617 billion, equivalent to the same period, while foreign net revenue reached VND9,751 billion, up 5.4%.
Profit margin continues to recover
Consolidated gross profit margin reached 41.2% in 4Q23, recovering 245 basis points year-on-year and continuing the improvement trend that began in 3Q23, driven by revenue growth combined with favorable input costs. For the full year, consolidated gross profit margin reached 40.7%, recovering 80 basis points year-on-year.
Thanks to improved gross profit margin and tight control of operating costs, consolidated profit after tax in the fourth quarter of 2023 reached VND 2,351 billion, up sharply by 25.8% year-on-year. Accordingly, consolidated profit after tax margin reached 15.1%, up 265 basis points year-on-year.
For the whole year, consolidated profit after tax reached VND9,019 billion, up 5.2% over the same period and completing 105% of the yearly plan. Earnings per share reached VND3,796, up 4.5% over the same period.
Consolidated net cash balance as of December 31, 2023 continues to be maintained at a high level, ensuring financial health.
In addition, in the fourth quarter of 2023, Vinamilk also recorded brand-related achievements when it was honored as Top 1 in the 2022 Sustainable Development Report, Top 2 in Corporate Governance, Top 5 Pioneering Enterprises in implementing circular economy and reducing carbon emissions, Top 10 sustainable enterprises operating in the manufacturing sector, Top 20 Annual Reports (Non-Financial Group) in the Listed Enterprise poll organized by Investment Newspaper, Ho Chi Minh City Stock Exchange (HoSE) and Hanoi Stock Exchange (HNX).
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