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KIDO (KDC) shrugs off pandemic problems to achieve 17 per cent profit growth in H1
Food producer KIDO Group has reported a 17.4 per cent rise in profit before tax to VND180 billion (US$7.7 million) for the first half.
Net revenues increased by 14.2 per cent to VND3.7 trillion ($159 million) due to strong growth in the cooking oil segment.
“Eighty one per cent of net revenues came from the cooking oil business, 18 per cent from the ice cream business and 1 per cent from other businesses,” the company reported.
“Faced with the impact of COVID-19 and fluctuations in raw material prices, the company took timely measures such as shifting the distribution system, reviewing and optimising the product portfolio and focusing on core and premium products.”
Studying the snacking trends among young people and realising the need to use products with high nutritional value, it has launched new products, it said.
As a result, ice cream sales fell by 12 per cent while revenues from cooking oil soared by 23.5 per cent year-on-year, it said.
“This year marks an important milestone in the company’s development: it is the year in which KIDO Group entered the snacking industry.”
The company expects the snack segment to make a substantial contribution to revenues this year.
Of its subsidiaries, KDF said its net revenues were VND674 billion ($27.8 million), down 12 per cent from the same period last year due to the impacts of COVID-19.
However, profits before tax were VND144 billion ($6.2 million), or 72 per cent of the full-year target.
Vocarimex’s revenues went up by 4 per cent to VND1.5 trillion ($66.7 million) and profits by 11.86 per cent to VND111 billion ($4.8 million).
The Tuong An Vegetabel Oil Company (TAC)’s revenues were up 28.12 per cent at VND2.2 trillion ($94.8 million).
Golden Hope Nha Be (KDNB), a new subsidiary, reported a 27 per cent increase in revenues to VND513 billion ($22.1 million), while profits were VND9.4 billion.
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