KIDO Foods holds its annual general meeting in HCM City on Wednesday. — VNS Photo Thu Ngan
KIDO Foods (KDF), a subsidiary of food producer KIDO Group, on Wednesday announced its targets for the year including a 376 per cent rise in pre-tax profit to VND150 billion (US$6.4 million).
At its annual general meeting in HCM City, the company said its sales target was VND1.46 trillion.
To achieve the goals, Tran Thi Thuy Linh, its deputy director, said the company would continue to develop key ice-cream products and introduce more premium products as well as popular flavours that appeal to the Vietnamese palate.
Labels and designs would be improved to attract customers, she said.
KDF would soon restructure the yogurt product list to reenter the market and expand its chilled product business, she said.
The company set high targets considering the market’s potential since the consumption on ice-cream and chilled products are much lower than in neighbouring countries, she said.
“When the economy develops, demand for chilled foods will rise.”
For 2019 a dividend 12 per cent is expected to be paid.
Last year was not a good one and the company failed to meet its targets. It achieved profits of VND31.5 billion on revenues of nearly VND1.26 trillion.
Vocarimex to expand exports in 2019
Another member of the KIDO Group, the Viet Nam Vegetable Oils Industry Corporation (Vocarimex), also held its annual general meeting on Wednesday.
CEO Nguyen Thi Xuan Lieu said like other cooking oil companies in the country, Vocarimex too faced difficulties due to low cooking oil prices in the global market and the trade dispute between the US and China.
But the company had timely strategies to cope with the challenges.
In the event, it reported revenues of VND4.4 trillion ($189 million), down 1 per cent year-on-year, and profits of VND261 billion, down from VND300 billion in 2017.
Vocarimex announced plans to increase exports this year.
It said it would explore markets for kosher and halal foods.
It currently exports to many large markets like China, Japan and South Korea.
Lieu said the company would this year also increase sales to fast-moving consumer goods companies, seafood processing companies, dairy companies, and instant noodle and canned food producers.
It targets revenues of VND4 trillion and pre-tax profits of VND290 billion.
Vocarimex has been a leading vegetable oil producer since 1976 and was acquired by KIDO Group. — VNS