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Top 5 largest sugar companies in Vietnam (2021 update)

Top 5 largest sugar companies in Vietnam (2021 update)

Saturday 20, 11 2021
The following list of 5 largest sugar companies in Vietnam is compiled by VietnamCredit annually based on the latest financial and non-financial indicators including revenue and profit after tax in the 3 most recent years, and company’s reputation.

Top revenue

1. THANH THANH CONG - BIEN HOA JOINT STOCK COMPANY

Thanh Thanh Cong - Bien Hoa Joint Stock Company (TTC - BH), formerly known as Bourbon Tay Ninh Sugar Joint Stock Company, was established on the basis of a joint venture between Bourbon Group, Sugarcane Union II and Tay Ninh Sugar Union. In 2017, TTC - BH completed the investment capital contribution to TTC Attapeu Sugar Company Limited (formerly known as Hoang Anh Gia Lai Sugar Company Limited).

With modern and fully automatic machinery and equipment lines operated by a team of experienced professionals trained at home and abroad, TTC - BH has been affirming its leading position in the field of manufacturing and exporting sugar products in Vietnam since its establishment.

In the fiscal year 2020-2021, revenue of TTC Sugar grew by 15.6% to 14,902 billion VND. Thanks to the reduction in capital costs, gross profit increased faster, one and a half times higher than the previous quarter, to 2,184 billion VND.

As a result, gross profit margin improved markedly from 11.3% in 2019 to 14.7%. Excluding expenses, its profit before tax reached 798 billion VND, up 56% over the same period. The company’s profit after tax increased by nearly 86% to 675 billion VND.

2. QUANG NGAI SUGAR JOINT STOCK COMPANY

The company was formerly known as Quang Ngai Sugar Company, under the Ministry of Agriculture and Rural Development. In 2005, it was equitized and became Quang Ngai Sugar Joint Stock Company.

Quang Ngai Sugar Joint Stock Company is a multi-industry enterprise operating in agricultural product processing industry, food and beverage industry. The company has 17 member units and branches located across Vietnam. Its products are present in 63 provinces and cities and exported to the USA, Russia, China, Taiwan, Japan, and many Southeast Asian countries.

As a large-scale public company, Quang Ngai Sugar has always been highly appreciated by prestigious organizations for its size, reputation and brand.

In 2020, Quang Ngai Sugar recorded consolidated revenue of 6,835 billion VND, completing 81.4% of the year plan. Its profit before tax was estimated at 1,250 billion VND and profit after tax was estimated at over 1,037 billion VND, exceeding 13.6% of year plan.

Previously, Quang Ngai Sugar set a target of 8,400 billion in revenue VND and 913 billion VND in consolidated profit after tax in 2020.

Profit

3. VIET NAM SUGAR JOINT STOCK COMPANY

Vietnam Sugar Joint Stock Company was established in 2017 by Vinamilk and Khanh Hoa Sugar Co., Ltd. Vinamilk holds 65% of the shares of Khanh Hoa Sugar Co., Ltd., with the aim of gradually closing the supply chain of raw materials for Vinamilk's production needs.

Khanh Hoa Sugar Joint Stock Company was established in 2007 on the basis of equitization of Khanh Hoa Sugar Company, formerly known as Khanh Hoa Sugar Factory established on July 31, 1995.

After many years of establishment and development, Khanh Hoa Sugar JSC has become a strong and prestigious brand in the sugar industry in Vietnam. The company provides more and more products for domestic consumption and export.

4. KCP VIET NAM INDUSTRIES LIMITED

KCP Vietnam Industry Co., Ltd. is a 100% foreign invested enterprise (India) established on May 19, 2000 and operates in the field of production and trading of refined sugars from sugarcane.

In 1997, KCP chose Thua Thien Hue province to operate, however, due to lack of raw materials, in 2000, they moved the factory to Son Hoa district, Phu Yen province. From a factory with an initial capacity of 2,500 tons of sugarcane/day, KCP has expanded the capacity of Son Hoa Refined Sugar Factory to 10,000 tons of sugarcane/day.

In the past 3 years, the revenue of this business has decreased gradually, from 82 million USD in 2018 to 52 million USD in 2020. Profit after tax also decreased correspondingly, from 11 million USD in 2018 to 6 million USD in 2020.

5. SON LA SUGAR JOINT STOCK COMPANY

Son La Sugar Joint Stock Company, formerly known as Son La Sugar Factory under the management of To Hieu Son La State Farm, was established on September 16, 1995 and renamed Son La Sugar Company in 1996. In 2008, Son La Sugar Company officially changed its ownership form into a joint stock company. The transformation is a big turning point for the development of the company.

In the 2020-2021 crop year, Son La Sugar recorded a total revenue of more than 815 billion VND, down 24% compared to the performance in the previous year. Thanks to the decrease in cost of goods sold and operating expenses compared to the same period last year, profit after tax increased by 38% to nearly 164 billion VND.

SON LA SUGAR JOINT STOCK COMPANY

Henry Tran - VietnamCredit

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