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Moc Chau Milk Joint Stock Company (MCM) reported its strongest first-quarter 2026 performance in nine quarters, but at its 2026 annual general meeting the company said it will keep its full-year 2026 plan conservative.
In Q1 2026, MCM posted revenue of VND 742 billion, up 25% year-on-year. Net profit after tax exceeded VND 80 billion, up 68% year-on-year, marking the highest quarterly level in nine quarters. The company said this helped it complete about one-third of its full-year profit target after just three months.
Despite the strong quarter, MCM maintained its 2026 targets, with revenue of VND 3,126 billion and net profit after tax of VND 241 billion. This implies growth of more than 10% for revenue and about 12% for net profit.
Management noted that the base in Q1 2025 was weak. It also said the broader market is unlikely to grow beyond 10%, supporting a cautious approach to execution for the remainder of 2026.
Looking back at 2025, Moc Chau Milk recorded weakness in several key metrics. Net revenue reached VND 2,834.8 billion, down 2.8% year-on-year. Pretax profit was reported at VND 248.5 billion, down 1.4% year-on-year.
With these results, the company achieved 89.7% of its revenue target and 72.8% of its annual profit plan.
At the end of 2025, total assets were VND 2,679.8 billion, roughly flat compared with the start of the year. Short-term assets decreased 9.5% to VND 1,914.7 billion, while long-term assets rose 33.8% to VND 765.1 billion. The increase was mainly driven by construction-in-progress costs of VND 374 billion.
Capital-intensive items included the high-tech dairy farm and eco-tourism complex at VND 311.6 billion, and the high-tech dairy plant project at over VND 31 billion.
On the funding side, total liabilities increased 5% to VND 400.5 billion, almost entirely short-term (VND 397.4 billion). The largest components were accounts payable to suppliers (over VND 197.8 billion), accrued expenses (over VND 75 billion), and short-term borrowings (about VND 67 billion).
As of mid-February 2026, MCM disclosed details on the use of funds from the 43.2 million shares issued in early 2021. Actual disbursements totaled more than VND 615.9 billion, nearly 50% of the total mobilized VND 1,249.2 billion. Management said the funds were allocated directly to core infrastructure projects.
Specific allocations included:
Unused cash stood at more than VND 633.2 billion. The total planned investment for this project chain is VND 1,600 billion, so the company said it will cover the remaining shortfall with internal funds or by seeking credit from lenders.
In the market, MCM shares have traded around VND 25,000–27,000 per share from late March 2026 to date.
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