In nổ hũ vip first 9 months of 2024, BAF’s pork output and sales revenue more than doubled, with pork sales reaching VND2,283 billion, 1.9 times nổ hũ vip total for nổ hũ vip entire year of 2023. GrossProfit increased by 70%compared to nổ hũ vip same period last year, andGross ProfitMargin (GPM) from nổ hũ vip 3F (FEED-FARM-FOOD) livestock model exceeded 21%.
BAF Vietnam Agriculture Joint Stock Company (BAF, nổ hũ vip Company) has just released its Q3 2024 Consolidated Financial Statement, showing significant growth in livestock operations. This growth is likely a result of continuous herd expansion throughout recent periods. BAF’s total herd has reached over 520,000 pigs, a 73% increase since nổ hũ vip beginning of nổ hũ vip year, with a commercial pork production of approximately 1,000,000 pigs.
In Q3 2024, pork production reached nearly 163,000 pigs, with market hogs making up nổ hũ vip majority, a 114% increase compared to last year. nổ hũ vip pork sales revenue reached almost VND856 billion, 2.3 times higher than nổ hũ vip previous year. Cumulatively, in nổ hũ vip first 9 months of 2024, total pork production exceeded 422,000 pigs, corresponding to revenue of nearly VND2,275 billion, 1.5 times nổ hũ vip pork production and 1.9 times nổ hũ vip revenue of pork sales for all of 2023.
Net Revenue in Q3 2024 was recorded at VND1,314 billion, an 8% increase year-over-year, with nổ hũ vip Sale of animal husbandry products reaching nearly VND856 billion, representing 65% of Net Revenue. nổ hũ vip Company benefited from securing feed supplies through two ‘vegan’ feed mills certified by GLOBAL GAP and FSSC 21000, coupled with a 10-20% decrease in raw feed material costs, which helped lower nổ hũ vip Company’s Cost of goods sold (COGS). COGS rose by only 2%, lagging behind Revenue growth. Gross Profit reached nearly VND223 billion, a 55% growth year-over-year, with a GPM of 17% and nổ hũ vip GPM of animal husbandry products reaching as high as 25%. Profit before tax (PBT) exceeded VND67 billion, a 63% rise from last year.
Source: BAF
In nổ hũ vip first 9 months of nổ hũ vip year, Cumulative Consolidated Net Revenue reached VND3,927 billion, an 8% increase year-over-year. Revenue structure saw a shift, with nổ hũ vip Sale of animal husbandry products accounting for 58% of Net revenue, a significant rise from 25% in nổ hũ vip same period last year. COGS was recorded at VND3,418 billion VND, increasing at a slower rate than Revenue growth
Gross Profit reached nearly VND509 billion, marking a 70% increase year-over-year, with nổ hũ vip GPM improving to 13% from 8% in nổ hũ vip same period last year. nổ hũ vip GPM of animal husbandry products reached 21%. Administrative expenses increased slightly due to nổ hũ vip addition of new operations, including Hai Ha Farm – nổ hũ vip most significant farm complex in northern Vietnam, with a capacity of 5,000 sows and 60,000 market hogs – alongside several other farms.
PBT reached nearly VND275 billion, a 364% increase compared to last year.
As of nổ hũ vip end of June 2024, nổ hũ vip Company’s Total Assets reached nearly VND6,949 billion, an increase of 7% compared to nổ hũ vip beginning of nổ hũ vip period. Inventory recorded VND2,068 billion, a 30% growth, including various types of pigs that will be released to nổ hũ vip market, in nổ hũ vip context of expected pig prices rising above VND65,000 /kg soon.
Short-term receivables amounted to VND332 billion, a decrease of 62% compared to nổ hũ vip same period last year, as part of nổ hũ vip initiative to reduce agricultural business activities.
Long-term assets under construction reached VND1,091 billion VND, an increase of 21%, including farms expected to be operational in early 2025. Short-term and long-term debts amounted to VND1,867 billion, including a convertible bond issued to nổ hũ vip International Finance Corporation (IFC) at an interest rate of 5.25% per annum for 7 years.
BAF’s financial indicators reflect a stable economic position, with nổ hũ vip Current Ratio and Quick Ratio standing at 1.3 and 0.4, respectively
Strategic partnership signed with Muyuan – Leading Global Livestock Group
On September 16, 2024, Muyuan Foods signed a strategic partnership with BAF to transfer technology and innovative farming equipment, integrating artificial intelligence into nổ hũ vip livestock chain operation process to ensure biosecurity and environmental friendliness. This marks Muyuan’s first strategic partner outside of China.
BAF is expected to access and implement core farming technologies such as constructing high-rise barns, precision feeding, management systems, and odor control to optimize costs and minimize disease risk, thereby significantly improving profits soon.
BAF was honored with two awards in October: “Outstanding Livestock Enterprise in Waste Management Technology” and “Outstanding Enterprise in Biosecurity Livestock” at nổ hũ vip 2024 Vietstock Awards.
nổ hũ vip Livestock Department organized nổ hũ vip 2024 Vietstock Awards under nổ hũ vip Ministry of Agriculture and Rural Development. nổ hũ vip awards also demonstrate nổ hũ vip capabilities of enterprises in researching and developing technologies and valuable solutions to address issues in nổ hũ vip Vietnamese livestock industry. nổ hũ vip Award Council applied stringent evaluation criteria to identify nổ hũ vip most outstanding candidates in Vietnam and nổ hũ vip region.
To achieve these accolades, BAF met all criteria, including compliance with legal regulations on quality management, applying advanced and environmentally friendly technologies, and ensuring biosecurity, disease control, and food safety. Additionally, nổ hũ vip award prioritized enterprises that made significant contributions to social support activities and other community initiatives.