- 2025-01-22T00:00:00
- Company Research
- QNS released its 2024 results with revenue of VND10.2tn (USD407mn; +2% YoY) and NPAT-MI of VND2.4tn (USD95mn; +9% YoY), achieving 101% and 109% of our respective full-year forecasts. Revenue was in line with our forecast, while earnings exceeded our expectations due to strong sugar profitability. We see upside potential to our current projections, pending a more comprehensive review.
- In 2024, sugar revenue declined 2% YoY, primarily due to a 5% YoY decrease in volume, partially offset by a 3% YoY increase in ASP to VND16,900/kg. Strong sugar prices contributed to a 1.6 ppt YoY expansion in this segment’s GPM. Other businesses, primarily biomass, also experienced robust gross profit growth of 39% YoY, benefiting from ample sugarcane bagasse input from the sugar segment.
- Soy milk revenue increased 4% YoY, driven by 6% YoY volume growth. However, soy milk’s GPM contracted 3.5 ppts YoY in 2024, mainly due to (1) promotional discounts for its new plant-based milk SKUs, according to the company, and (2) estimated higher input costs at 6% YoY.
- In addition, QNS managed to reduce G&A expenses by 38% YoY, which led to a 1.2 ppt YoY decline in SG&A/sales and an EBIT margin of 23.2% in 2024.
QNS’s Q4 and 2024 results
VND bn | Q4 | Q4 | YoY | QoQ | 2023 | 2024 | YoY | 2024A/ |
Revenue | 2,272 | 2,174 | -4% | -20% | 10,021 | 10,243 | 2% | 101% |
| 896 | 986 | 10% | -19% | 4,003 | 4,174 | 4% | 102% |
| 909 | 714 | -21% | -31% | 4,037 | 3,939 | -2% | 98% |
| 466 | 474 | 2% | 0% | 1,982 | 2,130 | 7% | 103% |
Gross profit | 898 | 782 | -13% | -14% | 3,351 | 3,486 | 4% | 104% |
| 382 | 339 | -11% | -28% | 1,643 | 1,568 | -5% | 97% |
| 394 | 248 | -37% | -29% | 1,256 | 1,290 | 3% | 106% |
| 122 | 195 | 60% | 112% | 452 | 627 | 39% | 125% |
Operating profit | 598 | 590 | -1% | 11% | 2,154 | 2,380 | 11% | 111% |
PBT | 730 | 715 | -2% | 22% | 2,447 | 2,646 | 8% | 107% |
NPAT-MI | 649 | 623 | -4% | 17% | 2,183 | 2,377 | 9% | 109% |
GPM | 39.5% | 36.0% |
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| 33.4% | 34.0% |
|
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Soy milk | 42.6% | 34.4% |
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| 41.0% | 37.6% |
|
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Sugar | 43.3% | 34.7% |
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| 31.1% | 32.7% |
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|
EBIT margin | 26.3% | 27.1% |
|
| 21.5% | 23.2% |
|
|
NPM | 28.6% | 28.6% |
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| 21.8% | 23.2% |
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Source: QNS, Vietcap; (1) Including beer, confectionary, mineral water, and biomass power plant segments.
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