GreenFeed Vietnam (GFC) Reports Record Net Profit of VND 3.656 Trillion in FY2025

Overview

GreenFeed Vietnam (GFC), a leading animal feed producer listed on HOSE, reported a record net profit of VND 3.656 trillion for fiscal year 2025, representing a 73.5% year-on-year increase and equivalent to over VND 10 billion per day. The company’s return on equity (ROE) surged to 39.63%, up from 34.87% in FY2024, reflecting strong capital efficiency.

Key Facts

• Net profit for FY2025 reached VND 3.656 trillion, the highest in the company’s history.
• ROE improved to 39.63% in FY2025 from 34.87% in FY2024.
• Profit growth accelerated sharply from VND 437 billion (FY2023) to VND 2.106 trillion (FY2024) and then to VND 3.656 trillion (FY2025).
• Shareholders’ equity stood at VND 9.228 trillion as of December 31, 2025, up nearly VND 3.2 trillion from the start of the year.
• Total liabilities were VND 6.868 trillion, including VND 1.698 trillion in bank loans and VND 700 billion in outstanding bonds (GFVCH2128001).
• The company operates 10 modern feed mills across Vietnam, Laos, Cambodia, and Myanmar.
• GreenFeed was founded in 2003 by entrepreneur Ly Anh Dung.

What Happened

GreenFeed Vietnam (GFC) released its audited financial statements for fiscal year 2025, revealing a record net profit of VND 3.656 trillion. This marks a 73.5% increase from the VND 2.106 trillion reported in FY2024 and a dramatic recovery from the VND 437 billion earned in FY2023. The company attributed the strong performance to improved operational efficiency and robust demand for animal feed.

The financial report also highlighted a significant improvement in return on equity (ROE), which rose to 39.63% from 34.87% in the prior year. Shareholders’ equity increased to VND 9.228 trillion, driven by retained earnings of VND 4.449 trillion. Total debt stood at VND 6.868 trillion, with the company maintaining a VND 700 billion bond (GFVCH2128001) maturing in June 2028.

Market Context

GreenFeed Vietnam (GFC) trades on HOSE and has seen its earnings trajectory steepen over the past two years. The animal feed sector in Vietnam has benefited from stable raw material costs and rising domestic demand for livestock and aquaculture products. GFC’s profit growth outpaces many peers, supported by its regional manufacturing footprint. The stock’s valuation likely reflects this earnings momentum, though the company’s price-to-earnings ratio and recent price action are not detailed in the filing.

Strategic Significance

GreenFeed’s record profit underscores its successful expansion strategy, which includes 10 factories across four countries. The company’s ability to nearly triple net profit in two years while boosting ROE to near 40% signals strong operational leverage and market share gains. For long-term investors, the key takeaway is GFC’s capacity to generate high returns on equity in a cyclical industry, supported by a diversified geographic base and a modern production network. The low debt-to-equity ratio (0.74) also provides financial flexibility for further growth.

What to Watch

• Q1 FY2026 earnings release to see if profit growth can be sustained.
• Any updates on capacity expansion or new factory investments in Vietnam or abroad.
• Trends in global feed ingredient prices (corn, soybean meal) that could impact margins.
• Changes in the company’s dividend policy or share buyback plans.
• Foreign ownership levels and any major institutional filings.