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 in 1976 and is headquartered in Ho Chi Minh City, Vietnam.

Financial Highlights

Dec 2019	VND	USD
Revenue	56,318.12B	2,424.60M
Gross Profit	26,380.08B	1,135.71M
Operating income	12,201.94B	525.31M
Income before tax	12,795.70B	550.87M
Net income	9,538.48B	410.64M
EBITDA	14,138.99B	608.70M
Diluted EPS	5,477.51	0.23
Dividends Per Share	--	--
Total Assets	44,741.97B	1,930.82M
Total liabilities	15,010.72B	647.78M
Total equity	27,504.05B	1,186.92M
Operating cash flow	12,080.19B	520.07M
	Currency in VND	Currency in USD

Historical Data

VND | USD

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019
Revenue	40,080.38B	46,794.33B	51,041.07B	52,561.94B	56,318.12B
Gross Profit	16,145.90B	22,190.58B	24,108.36B	24,479.49B	26,380.08B
Operating income	8,780.87B	10,534.05B	11,441.02B	11,224.01B	12,201.94B
Income before tax	9,367.14B	11,237.62B	12,228.94B	12,051.69B	12,795.70B
Net income	7,005.67B	8,425.58B	9,224.00B	9,220.58B	9,538.48B
EBITDA	9,877.94B	11,743.25B	12,765.51B	12,945.64B	14,138.99B
Diluted EPS	4,053.46	4,859.16	4,413.51	5,294.69	5,477.51
Dividends Per Share	3,703.69	4,444.44	4,166.66	--	--
Total Assets	27,478.17B	29,378.65B	34,732.61B	37,407.76B	44,741.97B
Total liabilities	6,554.26B	6,972.70B	10,859.55B	11,136.39B	15,010.72B
Total equity	20,692.56B	22,168.56B	23,375.26B	25,781.13B	27,504.05B
Operating cash flow	7,995.89B	8,980.49B	10,356.55B	8,922.87B	12,080.19B

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019
Revenue	1,828.02M	2,092.28M	2,246.84M	2,282.72M	2,424.60M
Gross Profit	736.39M	992.19M	1,061.25M	1,063.12M	1,135.71M
Operating income	400.48M	471.00M	503.63M	487.45M	525.31M
Income before tax	427.22M	502.46M	538.32M	523.39M	550.87M
Net income	319.52M	376.72M	406.04M	400.44M	410.64M
EBITDA	450.52M	525.06M	561.94M	562.21M	608.70M
Diluted EPS	0.18	0.21	0.19	0.22	0.23
Dividends Per Share	0.16	0.19	0.18	--	--
Total Assets	1,222.06M	1,290.17M	1,529.46M	1,612.75M	1,930.82M
Total liabilities	291.49M	306.20M	478.20M	480.12M	647.78M
Total equity	920.28M	973.54M	1,029.33M	1,111.49M	1,186.92M
Operating cash flow	364.68M	401.53M	455.89M	387.51M	520.07M

Valuation Measures

Dec 2019
PER	21.26
ROA	23.22%
ROE	35.80%
Operating margin	21.66%
Profit margin	16.93%

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

State Capital Investment Corp. (Investment Company) (36.0%)
Fraser & Neave Ltd. (20.3%)
Jardine Cycle & Carriage Ltd. (10.6%)
Matthews International Capital Management LLC (2.6%)
Genesis Investment Management LLP (2.3%)
Arisaig Partners (Asia) Pte Ltd. (1.6%)
Dragon Capital Management Co. Ltd. (0.8%)
GIC Pte Ltd. (Investment Management) (0.8%)
First State Investments (Hong Kong) Ltd. (0.6%)
Vontobel Asset Management, Inc. (0.6%)

Contact Details

Website:http://www.vinamilk.com.vn
Address: 10 Tan Trao Street, Tan Phu Ward, Ho Chi Minh City, 700000, Vietnam
Phone: +84.8.54.155.555

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Competitors

Del Monte Pacific Limited

Last Updated on 1 Jul, 2020