BaF- Profit after tax increases by 71% after audit

Cost of goods sold and interest expense decreased, helping the Separate and Consolidated profit after tax (PAT) of BaF Vietnam Agriculture Joint Stock Company (BaF, the Company) increase by 71% and nearly 30%, respectively, compared to the Q4/2023 Financial statements.

According to the Audited Consolidated Financial Statements for 2023 of BAF, the revenue, selling expenses, and total assets have not changed significantly compared to the Q4/2023 Financial statements.

Compared to the Q4/2023 Financial statements, the cost of goods sold recorded a 1% decrease to VND4,855 billion. Gross profit increased slightly to VND340 billion. Financial expenses and interest expense decreased by 5% and 13%, respectively. This drove the Company’s consolidated PAT to increase by nearly 30%, reaching over VND30 billion.

For the audited seperate financial statements for 2023, the cost of goods sold and Administrative Cost expenses decreased by 1% and 4%, respectively. These factors contributed to driving the PAT of the parent company to increase by an additional 71%.

The increase of Audited PAT was due to the Company’s pre-allocating some expected expenses at that time without complete invoices and supporting documents. This was a necessary step to ensure prudence in accounting and reflect the true financial situation of the Company.


Continuously putting new farms into operation, the total herb increased by 87% compared to the same period.

In March 2024, BAF successively put into operation one large-scale farm cluster – Hai Dang farm with a scale of 5,000 sows and 30,000 pork; Tan Chau farm with 30,000 pork; and Tam Hung farm with 5,000 sows.

Increasing the total number of operational farms to 32 farms spread across the country. The Company’s total herb reached nearly 430,000, an increase of nearly 87% compared to the same period, yielding approximately 1 million commercial pigs annually. Currently, BAF ranks in the top 5 in Vietnam’s pork market.

In its strategy of expanding the scale of animal husbandry, BAF continues to commence the construction of a large-scale Tay An Khanh farm with a capacity of 60,000 meat pigs. Additionally, the capacity of the Tây Ninh bran factory in phase 2 will be expanded to 250,000 tons per year.

In 2024, BaF plans to put an additional 13 farms into operation to accelerate the scale development amid recent pork prices recording an increase to over 60,000 VND/kg.