A store selling Kingdom mooncakes. KIDO Group has announced third quarter results with profits for nine months exceeding its full-year target. — Photo Courtesy KIDO Group

Food producer KIDO Group has achieved its full-year profit target in just nine months.

It reported a net profit of VND261 billion ($11.2 million), a 56.6 per cent increase year-on-year.

The company attributed the sharp increase to strong growth in its edible oil business and optimisation of strategies in its ice cream business.

Its net revenues were 17.3 per cent up at nearly VND6 trillion ($259 million).

Talking about the results, KIDO said it was closely monitoring the market situation amid the effects of the COVID -19 pandemic and raw material price fluctuations so that it could respond in time and efficiently.

For instance, when the epidemic first broke out, it changed distribution system and stockpiled goods.

It also launched new products with high nutritional value, promoted premium products, undertook activities to expand its market share, and reviewed and optimised its product portfolio with a focus on promoting core and premium products.

When the epidemic was controlled and business activities returned to normal, it grasped the snacking trends among young people and the demand for nutritious products and launched products to meet these needs.

The third quarter marked the return of KIDO Group to the snacking industry with mooncakes under the brand name Kingdom as part of its food business expansion strategy.

It is expected that during the Mid-Autumn Festival season the brand will contribute around VND160 billion to revenues and VND36 billion to profits. — VNS