BAF Vietnam Agriculture Joint Stock Company (BAF) has just released its Q1 2025 earnings report. The company recorded a pig output of 160,000 heads, up about 60% year-on-year.

During the quarter, BAF reported VND 1.123 trillion (approx. USD 44.2 million) in revenue from livestock activities, while the cost of sales for this segment was VND 833 billion (approx. USD 32.8 million). Post-tax profit reached VND 133 billion (approx. USD 5.2 million), marking a 13% increase over the same period last year.

According to BAF, pork prices stayed high throughout the quarter, averaging over VND 70,000 per kilogram (about USD 2.75/kg), while input costs for feed remained stable. The company emphasized that 100% of its profit came from livestock farming, reflecting strong growth aligned with its strategic restructuring plan.

At its recent annual general meeting, BAF approved its 2025 business targets, projecting VND 5.6 trillion (approx. USD 220.6 million) in revenue and VND 638 billion (approx. USD 25.1 million) in post-tax profit. In 2024, the company’s net profit surged tenfold compared to 2023, marking its second-highest performance in history.

CEO Bui Huong Giang stated that in 2025, profits are expected to grow significantly as 100% of the company’s revenue will come from livestock activities, up from just 60% in 2024.

Another major player, Dabaco Vietnam Group (DBC), also reported strong Q1 2025 results. Its consolidated net revenue reached nearly VND 3.609 trillion (approx. USD 142 million), up 11% year-on-year. Dabaco’s post-tax profit surged to VND 508.3 billion (approx. USD 20 million), nearly seven times higher than its Q1 2024 profit of just over VND 72.6 billion.

Dabaco leaders noted that disease outbreaks among poultry and livestock were well controlled in Q1 2025, enabling farmers and companies to rebuild herds. With live pig prices much higher than last year, livestock businesses saw a boost in profitability.

For 2025, DBC has set a revenue target of VND 28.759 trillion (approx. USD 1.13 billion) and post-tax profit of VND 1.007 trillion (approx. USD 39.6 million). If achieved, this will mark the second consecutive year of trillion-VND profit for Dabaco and its highest earnings in five years.

At the annual general meeting, Chairman Nguyen Nhu So said, “If pork prices remain at VND 60,000 per kg (USD 2.36), we are confident we can achieve VND 1.5 trillion (USD 59 million) in net profit this year.”

Hoang Anh Gia Lai JSC (HAG), led by Chairman Doan Nguyen Duc (commonly known as “Bau Duc”), also posted its Q1 2025 financial results. HAG recorded net revenue of VND 1.3798 trillion (approx. USD 54.4 million), up 11.2% year-on-year.

The company is now focused on agriculture, with bananas, durians, and pigs as core products. Most of HAG’s income still comes from fruit, with the segment achieving a strong gross profit margin of 43.9%. However, pig sales plummeted to just VND 76 billion (approx. USD 3 million), down 74%.

Despite the drop in pig revenue, HAG posted net profit of over VND 360.4 billion (approx. USD 14.2 million), up 59.2% year-on-year. As of March 31, HAG reported accumulated losses of nearly VND 83 billion (approx. USD 3.3 million).

In 2024, the company achieved VND 5.693 trillion (approx. USD 224.3 million) in revenue and VND 1.056 trillion (approx. USD 41.6 million) in post-tax profit, down 11% and 40%, respectively, from the previous year. The parent company’s net profit, excluding minority interest, stood at VND 1.01 trillion (approx. USD 39.8 million).

In 2025, HAG will continue focusing on its three key products: bananas, durians, and “banana-fed” pigs. It plans to target large corporate buyers and international traders, while implementing strategies to improve competitiveness in these markets.

Duy Anh