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| Customers shopping at a Vinamilk store__Photo: vinamilk.com.vn |
Dairy companies reported divergent business results in the first nine months of 2026, with some recording strong profit growth and approaching their full-year targets, while others continued to struggle with rising costs and weak operating efficiency.
The differences were particularly evident in cost of goods sold, selling expenses and financial costs, which had varying impacts on firms' gross margins and bottom lines.
Vinamilk maintained its leading position in revenue among the enterprises surveyed, while reporting positive growth in both the third quarter and the first nine months.
According to its consolidated financial statements, Vinamilk recorded net revenue of nearly VND 18.5 trillion (USD 723 million) in the third quarter, up 9 per cent year-on-year. Profit after tax rose by nearly 18 per cent to VND 2.96 trillion.
Vinamilk attributed its profit growth to a recovery in the domestic market and expansion in exports. A higher proportion of value-added products with better profit margins also contributed to improved business performance.
Domestic revenue reached over VND 14.7 trillion, up 9 per cent, while overseas revenue increased 8 per cent to VND 3.7 trillion.
For the first nine months, Vinamilk's net revenue rose by 14.5 per cent year-on-year to VND 53.4 trillion, while profit after tax increased by more than 30 per cent to VND 8.6 trillion.
Lof International Dairy Products JSC attracted attention with a sharp turnaround in profitability.
Its third-quarter net revenue rose by 32.8 per cent year-on-year to more than VND 2.1 trillion, while cost of goods sold increased at a much slower pace, by 12.4 per cent, to nearly VND 1.3 trillion. As a result, gross profit surged by 82.9 per cent to VND 859 billion, lifting the gross profit margin from 29 per cent to 40 per cent.
Net operating profit reached VND 261 billion, compared with an operating loss of VND 197 billion in the same period last year.
The company also reduced selling expenses by 12 per cent to VND 520 billion and administrative expenses by 2.6 per cent to VND 71 billion. However, financial expenses increased by 80 per cent to VND 68 billion, including VND 61 billion in interest expenses.
Lof International Dairy Products nevertheless reported a profit after tax of VND 224 billion, reversing a loss of nearly VND 133 billion a year earlier.
In the first nine months, its net revenue increased by 10 per cent to VND 6.1 trillion, while profit after tax reached VND 697 billion, compared with a loss of VND 62 billion in the corresponding period last year.
MocChau Dairy Cattle Breeding also recorded higher profits despite a decline in quarterly revenue.
Its third-quarter net revenue fell by 3.5 per cent year-on-year to VND 692 billion. Cost of goods sold declined by 4.2 per cent to VND 495 billion, leaving gross profit at more than VND 197 billion, down 1.5 per cent.
Financial income increased by 8.2 per cent to VND 28 billion, while financial expenses dropped sharply from nearly VND 1.7 billion to VND 53.9 million. Selling expenses fell by 9.5 per cent to VND 164 billion.
For the first nine months, MocChau Dairy reported net revenue of nearly VND 2.2 trillion, up 3.7 per cent, and after-tax profit of more than VND 207.8 billion, an increase of 36.8 per cent.
In contrast, Hanoimilk continued to face pressure from rising expenses, which eroded the benefits of revenue growth.
Hanoimilk's third-quarter net revenue increased by 31 per cent year-on-year to VND 200 billion. Its cost of goods sold rose from VND 125 billion to VND 163 billion, while gross profit climbed by 31 per cent to VND 36 billion.
However, higher expenses significantly reduced operating earnings. The firm's financial expenses jumped from VND 1.7 billion to VND8.8 billion, largely due to interest expenses. Selling expenses increased from VND 20 billion to VND23 billion, while administrative expenses rose from VND4 billion to nearly VND 6 billion.
For the first nine months, Hanoimilk's net revenue reached VND 585 billion, up 11 per cent, while profit after tax edged up around 1 per cent to VND 14.8 billion.__(VNS/VLLF)
