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Sales decline as big companies boom, profits drop to 12-year low

Recently, Colusa Food – Miliket Joint Stock Company (code: CMN) has just released its audited financial statements for 2021.

According to the financial report, in 2021, Miliket recorded full-year net revenue of nearly 574 billion dong, down 40 billion dong, equivalent to a decrease of about 6.5% compared to 2020. Gross profit reached 122 billion dong, margin gross profit was 21.3%, narrowing compared to 23% in 2020. Financial revenue reached 7 billion dong, down 22% compared to nearly 9 billion dong in 2020.

Despite saving all kinds of expenses, Miliket’s profit after tax still plummeted by 35.7%, to more than 14 billion dong. This is the third year in a row that Miliket’s profits have declined. EPS reached 2,963 VND.

This year, Miliket’s cash flow from operating activities is negative 12 billion dong while last year was positive 9.6 billion dong.

The difficult prospect of Miliket instant noodles: Sales declined when the big boys boomed, profits fell to a 12-year low - Photo 1.

Meanwhile, the giant in the Vietnamese instant noodle industry – Acecook Group, with Hao Hao noodles, has become a national brand, occupying about 35% of Vietnam’s instant noodles market share. In 2020, this giant’s instant noodle sales reached VND 11,531 billion.

Second in the industry is Masan. In the last two years, Masan’s sales growth rate of instant noodles has always been at the top of the market, averaging 33.19% per year, 9 times higher than the whole Vietnamese noodle market. Masan owns the Winmart retail chain, Winmart+ integrated with Masan Consumer leads the instant noodle market with two famous brands, Omachi and Kokomi.

From 2020, the Covid-19 pandemic promotes the consumption of instant noodles of Vietnamese people, causing Masan’s revenue to increase sharply. In 2021, the revenue of Masan Consumer’s instant noodles segment reached VND 8,800 billion, up 27.8% compared to 2020, an increase of 43.71% compared to before the pandemic.

The difficult prospect of Miliket instant noodles: Sales dropped when the big boys boomed, profits fell to a 12-year low - Photo 2.

https://cafef.vn/vien-canh-kho-khan-cua-mi-tom-miliket-doanh-so-sut-giam-khi-cac-ong-lon-bung-no-loi-nhuan-xuong- thap-nhat-12-nam-2022040511411228.chn


According to Huyen Trang

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