August 7, 2024

BAF Vietnam's H1 2024 net profit bolstered by livestock earnings

Livestock earnings helped BAF Vietnam Agriculture JSC earn a net profit of ₫154 billion (US$6.1 million) in the first half of 2024 for a 13-fold year-on-year boost.

According to its newly released financial statement, BAF Vietnam earned revenues of over ₫2.5 trillion (US$99.14 million) in H1, up 5% year-on-year. As a result, the company achieved 45% and more than 50% of the year's respective revenue and after-tax profit targets. This outcome was made possible by the livestock segment, which accounted for 53% of the firm's business.

In Q2 2024, while BAF Vietnam's revenue from the agricultural product sales dropped, that of the livestock segment grew strongly, reaching ₫806 billion (US$32 million), 4.7 times higher than the same period last year. This helped the company record after-tax profits of ₫34 billion (US$1.35 million), four times higher than Q2 2023.

At the end of June, the company's total assets reached more than ₫7.3 trillion (US$289.5 million), up 12% from the beginning of the year, with ₫3.5 trillion (US$140 million) as short-term assets.

Cash in hand and deposits surged 2.7 times over the year's beginning to nearly ₫1.2 trillion (US$47.59 million) and inventories rose to ₫1.9 trillion (US$73.34 million), an increase of 22% year-on-year.

BAF Vietnam's debt increased since the beginning of the year, to nearly ₫837 billion (US$33.2 million) in short-term loans (up 19%), while long-term loans rose 8% to more than ₫1.2 trillion (US$47.59 million).

In addition to bank debts, the company had convertible bonds worth ₫485 billion (US$19.23 million) issued to the International Finance Corporation (IFC), with a term of seven years and a coupon rate 5.25% per year.

- The Investor