Agricultural services and food conglomerate Loc Troi Group Joint Stock Company has published its audited financial statements for 2021 showing record revenues of VND10.224 trillion (US$448.6 million), a 36 per cent rise from 2020.

Consolidated profit after tax of the parent company was VND418 billion ($18.35 million), 14 per cent higher than the preceding year and well above its target.

Its food and agricultural materials businesses reported sales grew by 92 per cent and 13 per cent to VND4.073 trillion and VND4.932 trillion respectively, accounting for 40 per cent and 48 per cent of the group’s total revenues.

Despite facing difficulties due to the surge in sea freight costs, Loc Troi Agricultural Products JSC, a subsidiary of the company, exported more than 80,000 tonnes of rice, four times up in terms of both volume and value.

It used a closed production process from seed to rice to fully meet the requirements in various markets such as Europe Africa, Australia, the Middle East, and Asia.

Loc Troi Seed Joint Stock Company (LTS), another subsidiary of the group, contributed VND 857 billion in revenues, 18 per cent up from the previous year.

Loc Troi Agricultural Services Co., Ltd (LTF), its newest subsidiary, contributed VND205 billion compared to almost nothing in 2020.

Nguyen Duy Thuan, general director of Loc Troi Group, said: “2021 was a challenging year for the whole world … and all economic sectors, not just the agricultural sector.

“What we did last year was not just achieve the highest revenues in the history of our operations, but also implement our commitments to farmers on keeping the prices of agricultural inputs unchanged and ensuring sufficient supply, proactively organising the purchase of rice from farmers using contactless methods, strictly complying with pandemic prevention requirements, maintaining product quality, and ensuring profits for farmers, even in the most difficult times.” — VNS