BAF continued to scale up operations with the commissioning of a feed mill and high-tech livestock farms in Q2 2026. Hog sales volume and revenue maintained growth of more than 50% in the first half of 2026
High-tech livestock farm in Tay Ninh Province
BAF Viet Nam Agriculture Joint Stock Company (BAF, Company) has announced its consolidated financial statements for Q2 2026, reporting positive growth in its livestock operations. The performance reflects the Company’s continued herd expansion under its integrated 3F (Feed-Farm-Food) model. As of the reporting date, BAF’s total herd stood at approximately 900,000 head, providing a solid foundation for a stable supply base.
In Q2 2026, hog sales volume exceeded 293,000 pigs, with market hogs accounting for the majority and increasing nearly 67% year-on-year. Revenue from hog sales reached VND 2,137 billion, approximately 1.9 times the level recorded in the same period last year. Notably, revenue from pork and processed products accounted for 20% of total revenue, underscoring the Company’s strategic shift toward higher-value downstream products. The continued expansion and optimization of the integrated Feed-Farm-Food value chain are expected to gradually reduce BAF’s exposure to live hog price volatility, support gross margin stability, and mitigate cyclical risks.
Source: BAF
In Q2 2026, net revenue reached VND 2,137 billion, entirely generated by livestock operations. The average selling price during the quarter, at approximately VND 63,000-65,000 per kg, was lower than VND 65,000-70,000 per kg in the same period last year, weighing on the Company’s revenue. Against a backdrop of modest increases in input costs, including fuel and feed ingredients such as corn and soybean meal, BAF proactively managed cost pressures through its integrated Feed-Farm-Food value chain. As a result, cost of goods sold increased broadly in line with revenue growth, while gross profit reached nearly VND 346 billion, slightly higher year-on-year.
For 1H2026, net revenue reached VND 3,899 billion, up 56% year-on-year. Gross profit was nearly VND 800 billion, an increase of 31%, translating into a gross margin of approximately 21%. Rapid expansion and the commissioning of new farms during the period led to higher fixed costs, including personnel, utilities, depreciation and initial operating expenses, while newly commissioned facilities had not yet reached optimal utilization. In addition, African swine fever (ASF) remained complex during the period. The Company therefore continued to strengthen biosecurity and disease-prevention measures and incur restocking-related costs to proactively protect its herd and support long-term production stability.
Profit before tax for 1H2026 reached VND 321 billion, while the net profit margin stood at 8%.
As of 30 June 2026, the Company’s total assets reached nearly VND 13,516 billion, up 26% from the beginning of the year. Fixed assets increased 15% to VND 3,909 billion following the commissioning of an additional feed mill and several high-tech farms. Inventories rose 4% to VND 1,587 billion, including hogs scheduled for sale in the coming periods.
Long-term construction in progress reached VND 1,872 billion, up 35%, mainly comprising farms scheduled to commence operations in Q3 2026.
Continued Expansion Across the Value Chain
BAF continued to expand its operating scale in line with its ambition to become one of Viet Nam’s leading livestock companies. During the period, the Company commissioned its third feed mill in Binh Dinh Province (now Gia Lai Province), with an annual capacity of 350,000 tonnes. It also advanced large-scale high-tech farm projects incorporating AI, robotics, and modern wastewater and waste treatment systems. These include Tay An Khanh Farm in Tay Ninh Province, designed for 60,000 market hog and weaned pigs and capable of supplying approximately 150,000 market hogs per year, and Giai Xuan Farm in Nghe An Province, with capacity for 5,000 sows and 60,000 finishing hogs per production cycle.
In parallel, BAF commenced construction of several new high-tech farms, including Hung Phat Farm 1, designed for 5,000 sows and 60,000 market hogs with annual output of approximately 150,000 market hogs; Hung Phat Farm, with 2,400 sows; and Tan Phat Hai Farm, with capacity for 48,000 market hogs.
The Company is also accelerating the development of a high-tech multi-storey livestock complex in Tay Ninh Province. The project has estimated investment capital of approximately VND 12,000 billion and is designed for 64,000 sows and annual output of 1.6 million market hogs. Construction is scheduled to commence in 2026, and the project is expected to generate approximately VND 10,000 billion in annual revenue once it reaches stable operations.
BAF is also progressively completing its integrated Feed-Farm-Food value chain by strengthening the development of its safe pork brands and expanding its portfolio of higher-value, deeply processed pork products, thereby enhancing value creation from the Food segment.