Q4 2024 Vietnam Dairy Products JSC Earnings Call - Extra Session Transcript
Key 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.
- 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.
Hello, everyone. I'm sorry for the delay. So now we can start the meeting. So let me know if you have any problem hearing me, okay?
So, this morning is the extra session with the IR team. Yesterday, we had the main session with the management discussing about Q4 '24 and the entire 2024 performance. So to kickstart it, I will briefly discuss about key highlights from the last quarters and also last year. Then we jump into Q&A, okay?
About the revenue in Q4, our total revenue was nearly VND15.5 trillion, declined 1% versus Q4 2023. And because of the underperformance of the top line, it dragged out on others -- profit and margins metrics, you can see on the slide in Q4.
However, if we look at the full year, our total revenue was nearly VND26 trillion and still increased 2.2% year on year. Net profit was more than VND9.4 trillion, increased nearly 5%. With the full year's performance, we completed 98% of the guidance and completed [for] sales and completed 101% of the guidance for profit.
Revenue by regions
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