Vietnam Dairy Products Corp.

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See more articles on Vietnam Dairy Products Corp.

Company Background

Vietnam Dairy Products (Vinamilk) is Vietnam's largest food processor and deals in a wide variety of dairy products, including milk and yogurt. It is said to account for about 50% of Vietnam's dairy market.

The company was founded in 1976 and went public on the Hochiminh Stock Exchange in 2006. It is 45% owned by the government. Its high potential is recognized outside the country as well and foreign investors own 49% of the company. Its market capitalization is the second largest in Vietnam at around $5.5 billion.

According to a study by a private research agency, dairy consumption has surged more than 20-fold in Vietnam over the last 20 years, with Vinamilk contributing much to this trend.

CEO Mai Kieu Lien, who was born in France in 1953, studied milk processing in the former Soviet Union and then returned to Vietnam. She has been listed by Forbes as one of Asia's 50 Power Businesswomen.

Vinamilk went into dairy farming in 2006 in Vietnam, where there were very few dairy farmers. The company now runs five dairy farms. In view of the aging of society, it has marketed to seniors dairy products rich in calcium and vitamins.

Business Summary

Vietnam Dairy Products Corp. engages in the production and distribution of dairy products. Its products include fresh milk, yoghurt, drinking yoghurt, fermented yoghurt, ice-cream, cheese, and milk powder for elders, mothers, and kids, soy bean milk, fruit juice, smoothie, atiso tea, and aloe vera through Vinamilk, Dielac, Ridielac, and V-Fresh brand names. It distributes its products in Australia, Cambodia, Philippines, and the United States. The company was founded August 20, 1976 and is headquartered in Ho Chi Minh City, Vietnam.

Financial Highlights

Dec 2021	VND	USD
Revenue	60,919.16B	2,656.18M
Gross Profit	25,888.41B	1,128.78M
Operating income	11,770.72B	513.22M
Income before tax	12,922.23B	563.43M
Net income	9,440.44B	411.61M
EBITDA	14,163.61B	617.55M
Diluted EPS	4,517.10	0.19
Dividends Per Share	3,850	0.16
Total Assets	53,392.28B	2,342.79M
Total liabilities	17,542.17B	769.73M
Total equity	33,083.27B	1,451.65M
Operating cash flow	10,432.05B	454.85M
	Currency in VND	Currency in USD

Historical Data

VND | USD

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021
Revenue	51,041.07B	52,561.94B	56,318.12B	59,636.28B	60,919.16B
Gross Profit	24,108.36B	24,583.56B	26,380.08B	26,896.47B	25,888.41B
Operating income	11,441.02B	11,328.07B	12,201.94B	12,274.42B	11,770.72B
Income before tax	12,228.94B	12,051.69B	12,795.70B	13,518.53B	12,922.23B
Net income	9,224.00B	9,220.58B	9,538.48B	9,967.77B	9,440.44B
EBITDA	12,765.51B	12,945.64B	14,138.99B	14,470.33B	14,163.61B
Diluted EPS	3,677.93	4,412.24	4,564.58	4,770.06	4,517.10
Dividends Per Share	3,472.21	3,472.22	3,749.99	3,766.66	3,850
Total Assets	34,732.61B	37,407.76B	44,741.97B	48,484.99B	53,392.28B
Total liabilities	10,859.55B	11,136.39B	15,010.72B	14,837.87B	17,542.17B
Total equity	23,375.26B	25,781.13B	27,504.05B	31,297.18B	33,083.27B
Operating cash flow	10,356.55B	8,922.87B	12,080.19B	11,320.69B	10,432.05B

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021
Revenue	2,246.84M	2,282.72M	2,424.60M	2,566.56M	2,656.18M
Gross Profit	1,061.25M	1,067.64M	1,135.71M	1,157.54M	1,128.78M
Operating income	503.63M	491.96M	525.31M	528.25M	513.22M
Income before tax	538.32M	523.39M	550.87M	581.79M	563.43M
Net income	406.04M	400.44M	410.64M	428.98M	411.61M
EBITDA	561.94M	562.21M	608.70M	622.75M	617.55M
Diluted EPS	0.16	0.19	0.19	0.20	0.19
Dividends Per Share	0.15	0.15	0.16	0.16	0.16
Total Assets	1,529.46M	1,612.75M	1,930.82M	2,100.50M	2,342.79M
Total liabilities	478.20M	480.12M	647.78M	642.81M	769.73M
Total equity	1,029.33M	1,111.49M	1,186.92M	1,355.88M	1,451.65M
Operating cash flow	455.89M	387.51M	520.07M	487.20M	454.85M

Valuation Measures

Dec 2021
PER	19.12
ROA	18.53%
ROE	29.32%
Operating margin	19.32%
Profit margin	15.49%

Key executives

Chief Executive Officer & Director: Lien Kieu Mai
Chief Research & Development Officer: Khanh Quoc Nguyen
Chief HR & Administration Officer: Huong Thi Bui
Co-Secretary & Director-Foreign Branch: Thanh Truc Quang Le
Chief Dairy Farm Officer: Dung Quoc Trinh

Shareholders

Fraser & Neave Ltd. (20.3%)
Jardine Cycle & Carriage Ltd. (10.6%)
First Sentier Investors (Hong Kong) Ltd. (1.2%)
Matthews International Capital Management LLC (1.1%)
First Sentier Investors (UK) IM Ltd. (1.0%)
Schroder Investment Management Ltd. (0.9%)
BLI - Banque de Luxembourg Investments SA (0.8%)
Schroder Investment Management (Singapore) Ltd. (0.8%)
ARGA Investment Management LP (0.8%)
Mawer Investment Management Ltd. (0.7%)

Contact Details

Website:http://www.vinamilk.com.vn
Address: 10 Tan Trao Street, Tan Phu Ward, Ho Chi Minh City, 70000, Vietnam
Phone: +84.28.54.155.555

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Competitors

KIDO Group Corporation
Monde Nissin Corp.

Last Updated on 2 Feb, 2023