KIDO Group posts 30 per cent growth in H1

A customer buys cooking oil products of KIDO Group in HCM City. — Photo Courtesy KIDO Group

Food producer KIDO Group posted a net revenue of nearly VND6.4 trillion (US$273 million) for the first half of this year, a 30 per cent jump from the same period last year.

Of the revenue, 83 per cent was from the cooking oil segment while the other 17 per cent was from food products.

Total before-tax profit during this time reached over VND1.4 trillion ($59 million), an increase of 53 per cent year-on-year and 47.5 per cent of the annual target. Profit from the oil segment surged by 54.2 per cent while profit from food products leapt 45.8 per cent.

An affiliate company, Tuong An Vegetable Oils Industry Joint Stock Company (TAC), reported 22 per cent revenue growth in the first half of this year to VND3.6 trillion ($154 million). Profit jumped by 16.6 per cent to VND213 billion ($9 million).

Another member company, Viet Nam Vegetable Oils Industry Corporation, posted revenue of VND571 billion ($24 million), down 23 per cent.

KIDO Nha Be reached revenue of VND964 billion ($41 million), an increase of 16.2 per cent year on year.

KIDO said that in the first half of this year, the group continued to promote sales activities in order to meet increasing demand in the market. KIDO boosted sales in all distribution channels, including supermarkets, mini supermarkets and convenient shops.

In addition, KIDO strongly invested in e-commerce channels.

In the coming time, the group said it will focus on the production of moon cakes for the upcoming mid-autumn festival.

To expand the market, KIDO will boost R&D activities to have more new products in the cooking oil and ice cream businesses.

It also aims to become the leader in the Vietnamese cooking oil segment. To achieve this goal, KIDO Group plans to accelerate the upgrading of its Vinh factory in Nghe An Province so that the factory can meet the demand of consumers in the central and north regions for the Lunar New Year Festival 2023.

It is estimated that this upgrading will be complete in November when capacity will be four times higher.

In addition to expanding its domestic production, KIDO Group is going to further boost exports to other countries, focusing on Laos and Cambodia.

Since its establishment nearly 28 years ago, KIDO Group has expanded its line of products to include cooking oil, noodles, ice cream and other foods. — VNS