Strong increase in second quarter exports contributes to Vinamilk's revenue hitting a peak

Vinamilk's consolidated revenue in the second quarter of 2024 "set a new peak", increasing impressively by 9.5% over the same period (Unit: billion VND) - Chart: VNM

Highest revenue in the last 2 years

The company's total consolidated revenue in the second quarter surpassed the peak of the third quarter of 2021 (VND 16,194 billion), and became the quarter with the highest revenue and growth of the enterprise since the beginning of 2022 with an increase of 9.5% over the same period.

This result was supported by both domestic and foreign business activities with growth rates of 5.8% and 29.9% respectively over the same period. With the acceleration in the second quarter of this year, the total consolidated revenue in the first 6 months of 2024 reached VND 30,790 billion, up 5.6% over the same period and completing 48.7% of the yearly plan.

According to the financial report up to the end of the second quarter of 2024, the company maintains a healthy and highly liquid balance sheet, with total assets reaching VND 54,194 billion and a debt to total assets ratio of 14.7%.

Ms. Mai Kieu Lien - General Director of Vinamilk said: the company had an outstanding quarter when the total consolidated revenue set a new record, revenue growth in all departments from domestic, export to domestic and foreign member units.

"This result comes from continuous product improvement, service quality enhancement, market expansion, operational efficiency optimization and strong innovation strategy in the past time. The company's board of directors is confident about the 2024 business plan," Ms. Lien emphasized.

Exports "accelerate"

According to the general analysis of revenue structure, foreign markets contributed up to 18.5% of this quarter's revenue. Of which, net export revenue reached VND 1,740 billion, up 37% over the same period and higher than the 5.9% increase in the first quarter of 2024.

Vinamilk's export revenue recorded "accelerated" growth in the second quarter of 2024 - Photo: VNM

Export activities have grown in each quarter because businesses have continuously improved their products and maintained close relationships with partners in key export markets in the context of many fluctuations in the world...

Besides promoting traditional markets, the company is opening up new opportunities following the trend of supplying to global chains. This orientation brings Vinamilk products to more regions in Australia, Africa and South America…

For foreign branches in Cambodia and the US, net revenue in the second quarter reached VND 1,384 billion, up 21.8% year-on-year and higher than the 9.6% increase in the first quarter of 2024.

Meanwhile, this quarter, the main source of revenue from the domestic channel reached VND 11,850 billion, up 3.8% over the same period and the highest increase in the last 3 quarters, thanks to the double-digit growth of the yogurt, condensed milk, nut milk, etc. product lines.

Promoting trade combined with exploiting advantages from Vietnam's FTAs ​​helps Vinamilk increase the efficiency of export activities - Photo: VNM

Going forward, the company will focus on emerging markets, taking advantage of free trade agreements and building strategic partnerships.

In fact, last quarter, the company promoted trade promotion activities, connecting international trade by continuously participating in domestic and foreign fairs and exhibitions such as: Vietnam Sourcing connecting with retailers, global supply chains, exhibitions in China, South America, Japan, Taiwan...

Domestic consumption improves, dairy industry records recovery trend

Vietnam's economic picture is improving with GDP in the second quarter of 2024 increasing by 6.9% year-on-year, from 5.9% in the first quarter of 2024. In the first 6 months of 2024, GDP increased by 6.4% year-on-year. According to GDP use, domestic consumption improved with a growth rate of 5.8% year-on-year, significantly higher than the 2.7% in the first 6 months of 2023.

According to AC Nielsen, the fast-moving consumer goods (FMCG) industry in the second quarter grew by 1.8% year-on-year, higher than the flat growth in the first quarter of 2024 and the 1.1% increase in 2023. The dairy industry also recorded a recovery trend when the decrease was only 1.8% in the second quarter of 2024 compared to a decrease of 2.8% in the first quarter of 2024 and a decrease of 4% in the third quarter of 2023.

Source: https://tuoitre.vn/xuat-khau-quy-2-tang-manh-gop-phan-dua-doanh-thu-vinamilk-lap-dinh-20240731093012625.htm