The online annual shareholders’ meeting. — VNS Photo

Oil producer Tuong An Vegetable Oil Joint Company said it targets net revenues of around VND5.3 trillion (US$230 million) and profits of VND232 billion ($10 million) this year, 0.36 per cent and 5 per cent up from last year.

At its annual general meeting organised online last week the company also announced a dividend of 20 per cent for 2020.

It said the cooking oil market still has room for growth and is expected to be worth VND35 trillion ($1.5 billion) in 2024.

It plans to continue focusing on premium products and diversification like Nutri Plus and Tuong An Gold, soya oil, and Vio, a cooking oil for kids, remaining key products.

Plants would be expanded and upgraded to improve productivity while cut costs, the company said.

Some VND920 billion ($40 million) will be spent to expand the Phu My and Vinh plants. The latter, to be expanded to increase output from 40,000 tonnes a year to 150,000 tonnes will help the company enlarge its market in the north.

The management said 2020 was a remarkable time since the company achieved all revenue and profit targets despite the challenges like COVID-19.

Its revenues were up over 26 per cent to VND5.2 trillion.

Revenues from the premium and mid-priced segments increased by 23 per cent.

Gross profit rose by 15 per cent to VND762 billion ($33 million).

Founded in 1977, Tuong An has been one of the largest manufacturers and distributors of cooking oil in the country. It was acquired by KIDO Group in November 2016. — VNS