International Dairy JSC has cut its 2022 profit forecast by half as a result of a sharp decline in demand for dairy products.
Its board expects sales to rise by 14 percent to VND5.5 trillion (US$240 million), but pre-tax profits to drop by 45 percent to VND570 billion.
Its management said the Covid-19 pandemic continued to affect consumers’ purchasing power, resulting in a 7 percent decrease in demand in 2021.
This is the first time IDP has cut its profit forecast since 2017. Last year its revenues were VND4.83 trillion, up 26 percent, while profits doubled to VND1.04 trillion.
Its fourth-quarter profit margin was 45 percent, higher than that of competitors like Vinamilk (42.5 percent) and Moc Chau Milk (32 percent).
IDP saw a change in its major shareholders in 2018 after years of bad results, including a record loss of VND300 billion in 2017, as VinaCapital and Daiwa sold out to Viet Capital Securities, Lothamilk and Gold Field International.
Its share price has tripled since last year’s IPO on the UPCoM Exchange for unlisted public companies to around VND160,000 now.
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