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• Q4 Revenue: Nearly VND15.5 trillion, declined 1% versus Q4 2023.

• Full Year Revenue: Nearly VND26 trillion, increased 2.2% year on year.

• Net Profit: More than VND9.4 trillion, increased nearly 5% for the full year.

• Domestic Revenue Q4: Down 2%.

• Export Revenue Q4: Down 3.5%.

• Overseas Subsidiaries Revenue Q4: Increased 12%.

• Domestic Market Full Year Growth: 0.4% growth.

• Export Full Year Growth: Increased 12%.

• Overseas Subsidiaries Full Year Growth: Nearly 30% top-line growth.

• Gross Profit Margin Q4: Lower than the first nine months and last year.

• Full Year Gross Profit Margin: Expanded 80 basis points versus 2023.

• Net Profit Margin Q4: Nearly 14%, lower than the first nine months and last year.

• Full Year Net Profit Margin: Expanded 40 basis points compared to 2023.

• Green Farm Fresh Milk Growth: Achieved 30% growth in 2024.

• Plant-Based Milk Growth: Achieved 50% growth in 2024.

• Moc Chau Milk Revenue: Nearly VND3 trillion, with net profit of VND220 billion, a decline versus 2023.

• Net Cash: Around VND16.2 trillion at the end of 2024.

• Beef Factory Revenue: Tripled compared to 2023.

• Warning! GuruFocus has detected 3 Warning Signs with STC:VNM.

Release Date: February 11, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Vietnam Dairy Products JSC (STC:VNM) achieved a 2.2% increase in total revenue for the full year 2024, reaching nearly VND26 trillion.

• Net profit for the full year increased by nearly 5%, surpassing the profit guidance by 1%.

• International markets were a key growth driver, with overseas subsidiaries achieving nearly 30% top-line growth.

• The company introduced 125 new and relaunched products in 2024, including innovative high-protein and plant-based milk products.

• The packaging revamp was nearly completed, enhancing brand identity across the product portfolio.

Negative Points

• Q4 2024 revenue declined by 1% compared to Q4 2023, impacting profit and margin metrics.

• Domestic market performance was weaker than international markets, with only a 0.4% growth for the full year.

• Gross profit margin in Q4 was lower due to increased input costs and underperformance of the top line.

• Moc Chau Milk's revenue and net profit declined compared to 2023, indicating challenges in the liquid milk segment.

• Export revenue in Q4 decreased by 3.5%, reflecting a slowdown after strong growth in the first three quarters.

Q & A Highlights

Q: Why did the parent domestic top line decline in Q4 while the industry was growing? A: The industry figures primarily monitor key cities and modern channels, where Vinamilk saw a 5% growth in Q4. However, when considering the entire country, the performance was less optimistic, indicating a discrepancy between industry figures and Vinamilk's comprehensive national data. - Trung Dong, Investor Relations