Soy milk brands such as Vinasoy, Fami... brought in revenue of more than 4,100 billion VND last year for the largest sugar company in Quang Ngai province.
Workers pack Fami soy milk into boxes - Photo: HONG PHUC
According to the recently announced consolidated financial report for 2024, Quang Ngai Sugar's (UPCoM: QNS) sales revenue reached more than VND 10,300 billion, a slight increase compared to 2023. On average, the owner of the Vinasoy soy milk brand earns VND 28 billion per day.
The company earned a net profit of more than VND2,370 billion, equivalent to a return on equity of nearly 23.8%. This index shows that for every VND100 of equity, Quang Ngai Sugar generates nearly VND24 of profit after deducting all expenses.
Currently, the Vietnamese dairy industry is dominated by several large companies such as Vinamilk, Friesland, TH Food..., of which Vinamilk is the leader in liquid milk, yogurt and condensed milk.
In the soy milk segment alone, Quang Ngai Sugar is the leading enterprise, accounting for about 80% of the market share, according to self-published data. That means that for every 10 soy milk products consumed on the market, about 8 products are produced by this company.
With three soy milk factories in Quang Ngai, Bac Ninh and Binh Duong, the soy milk product segment continues to contribute the largest proportion to the company's total revenue, reaching more than VND 4,100 billion.
Soy milk gross profit margin is over 39% (down about 2 percentage points from 2023).
According to Thanh Cong Securities, the main reason for the decline in gross profit is the cost of importing input materials when the USD/VND exchange rate has increased recently.
In 2024, according to preliminary statistics from the General Department of Customs, Vietnam imported 2.2 million tons of soybeans with a value of nearly 1.1 billion USD (an increase of more than 19% in volume).
Brazil is currently the largest supplier of soybeans to Vietnam, followed by the US, Canada and Cambodia.
In Vietnam, the total soybean growing area is about 20,000 hectares (according to the Ministry of Agriculture and Rural Development), of which nearly 88% is in the northern provinces.
According to the management board of Quang Ngai Sugar, in the early 2000s, soybeans were one of the important crops in Vietnam when they were included in the "List of main crop varieties" issued by the Ministry of Agriculture and Rural Development in 2004.
However, over time, the development of soybeans has faced many challenges due to many factors such as climate change causing reduced productivity, reduced cultivated area, and the expiration of support policies for soybean development, etc.
Source: https://tuoitre.vn/vua-sua-dau-nanh-thu-ve-28-ti-dong-binh-quan-moi-ngay-20250227133808286.htm
Comment (0)