Q2 2025 Vietnam Dairy Products JSC Earnings Call - Extra Session Transcript
Key Points
- Vietnam Dairy Products JSC (STC:VNM) achieved a record high quarterly revenue in Q2 2025, with consolidated net sales reaching VND16.7 trillion.
- Domestic sales showed a recovery, increasing by VND82 billion compared to the previous year, indicating successful restructuring and digital transformation efforts.
- The company introduced 170 new products in the first six months, contributing to a record high in sales from new products.
- Export sales increased by nearly 9% in Q2 2025, with expansion into high-end markets like Taiwan, Japan, and Australia.
- The company plans to maintain a high dividend policy, with a 13% increase in dividend payments compared to 2024, supported by reversing the investment and development fund into distributed profit after tax.
- Overseas subsidiaries struggled in Q2 2025, with net sales decreasing by 6.5% compared to the previous year, partly due to weak consumer sentiment in Cambodia.
- The gross profit margin in Q2 2025 was lower than the previous year due to higher input costs for materials and increased spending on R&D and marketing.
- Net profit in Q2 2025 was 7.7% lower than the previous year, reaching nearly VND2.5 trillion.
- The company faced challenges from new tax regulations affecting small household businesses, impacting traditional retail channels.
- Material costs, particularly for milk powder and packaging, increased by 4% to 5% compared to the previous year, affecting profitability.
Hey, good morning, everyone. This is Trung Dong, Head of IR at the Vinamilk. Thank you for joining this session to discuss about the performance of Vinamilk in Q2 2025, the first six months of 2025. So yesterday, the management hosted the main session and today is the additional session with the IR team.
So I will start this meeting with a brief in the discussion about the key highlights in the performance of same quarter and six months. So I will discuss first about the consolidated numbers.
So in the second quarters, the consolidated net sales were VND16.7 trillion increased about VND80 billion compared to Q2 last year. So the absolute increase wasn't very significant, but it was enough to hit the on-time high for a quarterly revenue.
So this performance achieved, thanks to the recovery of domestic growth. So domestic sales increased VND82 billion compared to last year and export still maintained its growth momentum increased VND147 billion compared to last year.
Meanwhile, overseas subsidiaries
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