Food producer KIDO Group (KDC) said it targets revenues of VND10 trillion (US$438 million) this year.

In a press release, the company said to achieve the goal it would develop its distribution system to expand the frozen and canned foods businesses.

It also plans to continue introducing new products, with the first quarter seeing the launch of new instant noodles, sauces, spices, sugar and some processed foods.

Last year KDC reported revenues of VND7 trillion ($307 million), doubling that of the previous year.

Pofit after tax was VND570 billion ($25 million), up 62 per cent.

It said it had undistributed earnings of over 2.4 trillion and 51 million treasury shares.

Last year the company invested a lot of money in expanding its distribution network and expected it to yield great results.

KIDO group was formerly the Kinh Do Group, a confectionery producer established in 1993.

The company is now a leader in not only confectionery but also ice-cream, yoghurt, frozen food and cooking oil. — VNS