Vinataba is the largest tobacco production and consumption enterprise in the country - Photo: VINATABA
According to the audited consolidated financial report, Vinataba achieved net revenue of VND28,493 billion in 2024, an increase of nearly 18% compared to the previous year. This is the highest mark since the company began to periodically disclose financial information in 2015. On average, Vinataba earned more than VND78 billion in revenue per day last year.
In the revenue structure, packaged cigarettes continue to be the main source of revenue, contributing about 60% - equivalent to VND 16,818 billion, up nearly 22% over the same period.
Cost of goods sold was VND23,311 billion, up 19%, bringing gross profit to VND5,181 billion - up more than 12%. Gross profit margin remained at nearly 18.2%.
In addition to its core business, Vinataba earned nearly VND332 billion from financial activities, down slightly by 4% compared to the previous year. The main reason was the decrease in income from interest on deposits and loans, while the exchange rate difference brought in better profits, which partly compensated.
In addition, profits from joint ventures and associates contributed VND350 billion - equivalent to last year's level. Vinataba also recorded nearly VND307 billion in other profits, mostly from financial support from Philip Morris International - the joint venture partner that owns the Marlboro brand in Vietnam.
Previously, in 2010, Philip Morris International Group successfully negotiated and signed a joint venture contract with Vinataba through Vinataba - Philip Morris Company Limited, in which Vinataba contributed 51% of the capital.
Data: consolidated financial statements
On the other hand, selling expenses in 2024 increased sharply by 22% to VND 1,372 billion. Business management expenses also recorded an increase of 11.5% to VND 2,642 billion, mainly due to labor costs.
After deducting expenses and taxes, Vinataba's net profit reached nearly VND1,520 billion, a slight decrease compared to VND1,526 billion last year.
In addition to the consolidated business situation, Vinataba also reported on the investment situation in companies in which Vinataba holds controlling shares in 2024.
In Vietnam, Vinataba is currently the largest tobacco production and consumption enterprise in the country, with full ownership and control of two subsidiaries: Saigon Tobacco Company Limited and Thang Long Tobacco Company Limited.
According to the report, Thang Long Tobacco Company Limited is the leading unit in terms of revenue with VND8,708 billion. However, the after-tax profit of this enterprise only reached nearly VND200 billion - significantly lower than that of Saigon Tobacco Company Limited, which had a net profit of VND473 billion despite revenue of only VND8,028 billion.
Vinataba - Philip Morris Company Limited has revenue of VND 968 billion, profit after tax of VND 29.5 billion in 2024. The report also said that Hai Ha - Tokobuki Company recorded revenue of nearly VND 280 billion, but profit after tax was only over VND 3.1 billion.
According to the provisions of the amended Law on Special Consumption Tax recently passed by the National Assembly , from 2027, tobacco products such as cigarettes, cigars, tobacco, etc. will be subject to special consumption tax at an absolute rate instead of the current tax rate.
Specifically, the absolute tax rate on cigarettes will be applied at 2,000 VND per pack from 2027, and will gradually increase to 10,000 VND per pack in 2031.
Source: https://tuoitre.vn/tong-cong-ty-thuoc-la-viet-nam-lap-ky-luc-doanh-thu-bao-lai-hang-ngan-ti-20250617173713479.htm
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