Vinamilk, Vietnam’s largest dairy business, has reported a 28% rise in annual profits.

The company said net profit after tax reached VND7.77trn (US$348.7m) in 2015, an increase of 28.1% on the year.

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Net revenue rose 14.3% to VND40.08trn.

The faster growth in Vinamilk’s profitability can be in part explained by cost of sales that inched up 0.5% in 2015.

Vietnamese state investment vehicle SCIC holds 45% of Vinamilk. In October, the Vietnamese government announced plans to sell the stake. The largest single foreign shareholder of Vinamilk is the Singapore conglomerate Fraser and Neave, with a stake of around 10%.

According to estimated 2015 data from Euromonitor, Vinamilk accounts for 48% of drinking milk sales in Vietnam. It also holds a 68% share of combined yoghurt and sour milk sales in the country.

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Last week, just-food M&A columnist Stefan Kirk outlined his three top tips for M&A transactions in 2016, which included the sale of the state-held stake in Vinamilk. Click here to read the analysis in full.

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