Loc Troi targets revenue of $1 billion in 2023

The Loc Troi Group Joint Stock Company’s leaders answer questions of shareholders at the annual shareholders’ meeting in An Giang Province. — Photo Courtesy of Loc Troi Group Joint Stock Company

Loc Troi Group Joint Stock Company (LTG) is targeting to earn revenue of US$1billion in 2023.

At a recent annual shareholders’ meeting, the company set a goal of earning after-tax profit of at least VND400 billion ($17 million).

The stock dividend for 2023 will be 30 per cent per share.

In addition, the shareholders’ meeting approved a plan to expand cultivated land to 1 million ha under the model of Loc Troi 123.

To reach this goal, the company and its affiliate companies will continue to accelerate their projects and initiatives towards sustainable development, adapting to climate change and reducing greenhouse gas emissions.

Last year, the company made all-in efforts to overcome difficulties caused by high banking interest rates and foreign exchange rates, which made a strong impact on many agriculture companies.

Thanks to these efforts, Loc Troi fulfilled all targets, including reaching a revenue of nearly VND12 trillion ($512 million), a jump of 14 per cent.

Before tax profit was VND558 billion ($23.7 million), an increase of 6 per cent year-on-year.

The agriculture segment contributed the highest portion of revenue at over VND6.4 trillion ($273 million), equivalent to 55 per cent.

The Loc Troi Agricultural Products Joint Stock Company last year signed many co-operation deals to provide paddy and rice to many partners from the EU, the US and Japan.

Loc Troi Seed Joint Stock Company in 2022 is the leader in providing seeding to farmers. The company continued to expand their production and business in the country.

The company said that in 2022, in addition to improving the agricultural ecosystem and maintaining its leading position in the field of agricultural materials, agricultural services, processing, distribution and export of rice, the company continued to invest in improving its large-scale production towards a stable price to ensure the interest of farmers as well as making rice products that meet international quality standards.

Loc Troi was launched in 1993 and has become among the leading agricultural companies in Viet Nam. The company’s cultivation meets standards from big markets such as Japan, the US and the EU. — VNS