A cooking oil production line at TAC. The company reported revenue growth of 40 per cent in July. — Photo courtesy of TAC
Cooking oil maker Tuong An Vegetable Oil Joint Stock Company (TAC) said revenues rose by over 40 per cent year-on-year in July to nearly VND426 billion (US$18.4 million).
Pre-tax profit was over VND27 billion ($1.2 million), up 232 per cent.
In the first seven months of the year, net revenues were VND2.6 trillion ($112.7 million), a 30 per cent rise.
Profit before tax was VND112 billion ($4.9 million), up 63.8 per cent.
The company said: “COVID-19 pandemic has greatly impacted companies operating in the conditional business industry and significantly reduced consumers’ incomes and demand.
“Viet Nam overcame the first wave of the pandemic, but is facing a more complicated and challenging second wave that continues to put pressure on the economy and people’s lives.”
The TAC board, which monitors the market situation and is well aware of its role in the essential foods industry, stepped up production when the disease broke out and released goods in the market.
“TAC actively supplies essential foods in epidemic hotspots,” the company said.
The pandemic has confounded global supply chains, causing enormous volatility in cooking oil prices.
TAC is a subsidiary of KIDO Group. — VNS