March 27, 2012

Vinamilk eyes 11.2% income growth in 2012

A net profit of VND4.69 trillion (US$223.33 million) is Vietnam Dairy Products Corporation (VNM) or Vinamilk's target in the year 2012, rising 11.2% from a year earlier.

Revenues are set to reach VND26.48 trillion (US$1.3 billion) in 2012, up 20% on year, VNM said in a statement at its annual shareholders' meeting held on March 23.

VNM plans to pay a dividend equivalent to VND2,000 (US$0.10) per share for 2011 on record as of March 10.

It targets an annual 10% net profit growth and 20% revenues growth in the period of 2012-16. The figures are expected to reach VND6.87 trillion (US$330.6 million) and VND54.9 trillion (US$2.6 billion), respectively, in 2016.

The Hochiminh Stock Exchange-listed company strives to rank in top 50 global largest milk producers by 2017, with total revenues expected to hit US$3 billion.

VNM's pre-tax profit and revenues rose 22% and 30% on year in the first two months of this year. By end-2011, the milk maker had VND3.6 trillion (US$173 million) in cash, rising 62% from a year earlier.