Impressive Export Revenue Growth in Q4 2023
The consolidated net revenue in Q4 2023 reached VND 15,619 billion, a growth of 3.7% compared to the same period last year. In particular, foreign markets had an impressive growth rate of 11.7% compared to the same period, contributing VND 2,534 billion to the revenue.
Specifically, the net export revenue in Q4 2023 reached VND 1,298 billion, with a strong growth rate of 19.3% compared to the same period last year. The net revenue from foreign branches reached VND 1,236 billion, with a growth rate of 4.7% compared to the high base of the same period. In 2023, Driftwood (USA) maintained a slight revenue growth and for the first time recorded a profit of over 2 million USD thanks to efficient business operations and cost savings. AngkorMilk (Cambodia) expanded its business activation program and conducted consumer milk consumption trend surveys to reach consumers more effectively. As a result, the revenue and profits of AngkorMilk in 2023 recorded impressive growth rates of 6% and 27% respectively compared to the same period.
For the largest market – the domestic market, the net revenue reached VND 13,085 billion, with a growth rate of 2.2% and a stable market share compared to Q3 in all sectors.
The Vinamilk store introduces new product visuals, bringing a new shopping experience to consumers
After introducing new packaging for bottled water products in Q3 2023, Vinamilk implemented a series of marketing campaigns in Q4 to spread the youthful and dynamic image of the new brand identity. The “Taste Exploration” experiential event increased the recognition for the premium Green Farm fresh milk product line and attracted nearly 7,000 visitors in Ho Chi Minh City, Hanoi, and generated 12,000 positive discussions on social media about the boldness and pioneering innovation of Vinamilk. This special event, along with the intensified “Out-of-Home” (OOH) advertising in prime locations, has significantly increased the market share of the bottled water sector in recent months. Green Farm, in particular, saw a nearly 50% revenue growth in 2023 compared to the same period.
The “Taste Exploration” event of the Vinamilk Green Farm brand received a lot of attention from the community
In the coming time, Vinamilk will upgrade its stores in the system of 653 product introduction stores. In 2023, the store channel achieved a 13% growth in revenue compared to the same period.
Vinamilk is also actively expanding its coverage on e-commerce platforms, being present on Tiktok Shop for the first time in the live stream session on December 12 and attracting a lot of attention from Vietnamese consumers. In 2023, online sales revenue doubled compared to the same period with over 4 million orders, 500 thousand reach, and 17 thousand interactions on social media (according to Social Buzz).
For the whole year, consolidated revenue reached VND 60,369 billion, a growth of nearly 1% compared to the same period. Specifically, the net revenue of the domestic market reached VND 50,617 billion, equivalent to the same period, while the net revenue of the foreign market reached VND 9,751 billion, a growth of 5.4%.
Continued Profit Margin Recovery
The consolidated gross profit margin reached 41.2% in Q4 2023, an increase of 245 basis points compared to the same period, continuing the improvement trend that started from Q3 thanks to revenue growth combined with favorable input costs. For the whole year, the consolidated gross profit margin reached 40.7%, a recovery of 80 basis points compared to the same period.
Thanks to improved gross profit margin and strict cost control, the consolidated net profit after tax in Q4 2023 reached VND 2,351 billion, a strong increase of 25.8% compared to the same period. Accordingly, the consolidated net profit margin after tax reached 15.1%, an increase of 265 basis points compared to the same period.
For the whole year, the consolidated net profit after tax reached VND 9,019 billion, an increase of 5.2% compared to the same period, and achieved 105% of the annual plan. Earnings per share reached VND 3,796, an increase of 4.5% compared to the same period.
The consolidated net cash balance as of December 31, 2023, continued to be maintained at a high level, ensuring financial health.
In addition, in Q4 2023, Vinamilk also achieved achievements related to the brand when being honored as Top 1 Sustainable Development Report 2022, Top 2 Company Governance, Top 5 Pioneering enterprises in implementing circular economy and reducing carbon emissions, Top 10 sustainable business enterprises in the manufacturing sector, Top 20 Annual Report (Non-financial Group) in the business voting organized by the Investment Newspaper, Ho Chi Minh City Stock Exchange (HoSE), and Hanoi Stock Exchange (HNX).
