HÀ NỘI — Dairy companies reported divergent business results in the first nine months of 2026, with some recording strong profit growth and approaching their full-year targets, while others continued to struggle with rising costs and weak operating efficiency.

The differences were particularly evident in cost of goods sold, selling expenses and financial costs, which had varying impacts on firms' gross margins and bottom lines.

Vinamilk maintained its leading position in revenue among the enterprises surveyed, while reporting positive growth in both the third quarter and the first nine months.

According to its consolidated financial statements, Vinamilk recorded net revenue of nearly VNĐ18.5 trillion (US$723 million) in the third quarter, up 9 per cent year-on-year. Profit after tax rose by nearly 18 per cent to VNĐ2.96 trillion.

Vinamilk attributed its profit growth to a recovery in the domestic market and expansion in exports. A higher proportion of value-added products with better profit margins also contributed to improved business performance.

Domestic revenue reached over VNĐ14.7 trillion, up 9 per cent, while overseas revenue increased 8 per cent to VNĐ3.7 trillion.

For the first nine months, Vinamilk's net revenue rose by 14.5 per cent year-on-year to VNĐ53.4 trillion, while profit after tax increased by more than 30 per cent to VNĐ8.6 trillion. 

Lof International Dairy Products JSC attracted attention with a sharp turnaround in profitability.

Its third-quarter net revenue rose by 32.8 per cent year-on-year to more than VNĐ2.1 trillion, while cost of goods sold increased at a much slower pace, by 12.4 per cent, to nearly VNĐ1.3 trillion. As a result, gross profit surged by 82.9 per cent to VNĐ859 billion, lifting the gross profit margin from 29 per cent to 40 per cent.

Net operating profit reached VNĐ261 billion, compared with an operating loss of VNĐ197 billion in the same period last year.

The company also reduced selling expenses by 12 per cent to VNĐ520 billion and administrative expenses by 2.6 per cent to VNĐ71 billion. However, financial expenses increased by 80 per cent to VNĐ68 billion, including VNĐ61 billion in interest expenses.

Lof International Dairy Products nevertheless reported a profit after tax of VNĐ224 billion, reversing a loss of nearly VNĐ133 billion a year earlier.

In the first nine months, its net revenue increased by 10 per cent to VNĐ6.1 trillion, while profit after tax reached VNĐ697 billion, compared with a loss of VNĐ62 billion in the corresponding period last year. 

MocChau Dairy Cattle Breeding also recorded higher profits despite a decline in quarterly revenue.

Its third-quarter net revenue fell by 3.5 per cent year-on-year to VNĐ692 billion. Cost of goods sold declined by 4.2 per cent to VNĐ495 billion, leaving gross profit at more than VNĐ197 billion, down 1.5 per cent.

Financial income increased by 8.2 per cent to VNĐ28 billion, while financial expenses dropped sharply from nearly VNĐ1.7 billion to VNĐ53.9 million. Selling expenses fell by 9.5 per cent to VNĐ164 billion.

For the first nine months, MocChau Dairy reported net revenue of nearly VNĐ2.2 trillion, up 3.7 per cent, and after-tax profit of more than VNĐ207.8 billion, an increase of 36.8 per cent.

In contrast, Hanoimilk continued to face pressure from rising expenses, which eroded the benefits of revenue growth.

Hanoimilk's third-quarter net revenue increased by 31 per cent year-on-year to VNĐ200 billion. Its cost of goods sold rose from VNĐ125 billion to VNĐ163 billion, while gross profit climbed by 31 per cent to VNĐ36 billion.

However, higher expenses significantly reduced operating earnings. The firm's financial expenses jumped from VNĐ1.7 billion to VNĐ8.8 billion, largely due to interest expenses. Selling expenses increased from VNĐ20 billion to VNĐ23 billion, while administrative expenses rose from VNĐ4 billion to nearly VNĐ6 billion.

For the first nine months, Hanoimilk's net revenue reached VNĐ585 billion, up 11 per cent, while profit after tax edged up around 1 per cent to VNĐ14.8 billion. — BIZHUB/VNS