A worker at work at Kido's factory. — VNS Photo
Food producer Kido Group on Thursday announced that sales grew by 217 per cent year-on-year in the first quarter of this year to VND1.25 trillion (US$54.8 million).
Its the frozen food sales grew by 10 per cent to VND260 billion ($11.4 million) thanks to the contribution by its new factory in the northern province of Bac Ninh.
The company said, “2017 will mark another key milestone for the frozen food business in expanding into new product segments.
“By maximising the existing cold chain, KDF will start selling additional products.
“The Bac Ninh factory commenced operations at the end of 2016 and will boost market presence in the north and increase operating efficiencies by saving on logistics.”
KDC’s gross profit for the quarter was VND245 billion ($10.7 million), up 53 per cent, though the profit margin decreased from 40.7 per cent to 19.6 per cent due to the start of the company’s oil business.
The Tuong An Vegetable Oil Join Stock Company (TAC)’s gross profit margin improved from 10 per cent to 11.3 per cent and should continue to improve based on the continued restructuring of the product portfolio.
Kido group was established in 1993 and has become a giant food producer. — VNS