Pig production and sales revenue increase significantly in the first 6 months of 2024. BAF revenue sales reach 1.331 billion VND, 108% higher compare to the whole 2023. Gross profit increase by 122% with Pig husbandry Gross profit under the 3F Module (FEED-FARM-FOOD) reach 24%.
BaF Vietnam Agricultural Joint Stock Company (BAF, the Company) has just announced its Q2 2024 Consolidated Financial Report with significant growth in animal hunsbandry. This is the result of continuous increase in herd size over the period. Until now, the total herd of BAF has reached over 430.000 heads; the total multipler herd has reached 720.000 heads.
In Q2/2024, the amount of pigs sold reached 144.000 heads, of which pork accounted for the majority of the growth record in the same period. Pig sales revenue reach 806 billion VND, up 2,9 times to the same period. Accumulative for the first 6 months of 2024, total sold pigs reached 249.000 heads, equivalent to 1.331 billion VND; 86% compare to the whole 2023 and exceeding 108% revenue of pig sales in 2023.
Accumulative of the first 6 months of the year, consolidated net revenue for Q2 2024 reached 2.518 billion VND, up 5% compared to the same period. The revenue structure recorded a shift when the husbandry revenue now accounts for 53%, a sharp increase compared to 21% in the same period last year. The remaining revenue is from agricultural products, selling brands and other services.
Thanks to proactively sourcing animal feed from 2 “vegetarian” bran factories that meet GLOBAL GAP and FSSC 21000 standards, along with the feed price down 10-20% contributing to reducing the cost of goods sold for BAF. Cost of goods sold recorded 2.173 billion VND, down 3% compared to the same period.
Gross profit reached 345 billion VND, gross profit margin (GPM) reached 14%, up 7% compare to the same period, with husbandry GPM recorded 24%. Admtinistrative cost recorded slight increase when Hai Dang farm (5.000 sows, 60.000 porks), Tan Chau farm (30.000 porks), and Tam Hung farm (5.000 sows) were added.
Profit before taxes reached 206 billion VND, increase 11 times compare to the same period and reached 57% of the annual profit plan.
Company’s total assets reached 7.333 billion VND at the end of June 2024, up 3% compare to the beginning of the the period. Inventories recorded 1.942 billion VND, up 22% including pigs planning to be introduced to the market when the price increases to above 65.000 VND/kg in the near future. Long-term assets in progress reached 1.037 billion VND, up 15% include farms estimated to be put into operation in the near future. Short-term and long-term debt recorded 2.082 billion VND, including convertible bonds issued to the International Finance Corporation (IFC) – interest rate of 5,25%/year for 7 years term.
BAF financial ratio reflect a stable financial status, with the Current Ratio and Quick Ratio reached 1,1 and 0,5 times.
Recently, BAF was voted for Enterprise that meets Information Disclosure Best Practices within the framework of the IR Awards 2024 program. This is an annual activity under the IR Awards Program (2011-2024) co-organized by Vietstock, VAFE Association and FiLi Electronic Magazine. The IR Awards 2024 program honors listed enterprises that meet information disclosure practices on the stock market through a comprehensive survey. In particular, the Information Disclosure Best Practices Enterprise of the Year is a category to recognize achievements and honor enterprises that have fully met information disclosure best practices on the stock market.