TAC’s annual general meeting being held in HCM City on Friday. — Photo Courtesy TAC

Tuong An Vegetable Oil Joint Company announced business targets for this year at its annual general meeting in HCM City on Friday.

It expects revenues to increase by 10 per cent to VND4.56 trillion (US$196 million) and profits by 13.2 per cent to VND193 billion ($8.3 million).

The dividend for 2020 will be 20 per cent.

A special dividend of 75 per cent will be paid in the future after TAC is acquired by KIDO Group.

TAC said it would seek shareholders’ votes for the takeover in July.

To achieve the year’s targets, the company announced a number of solutions like developing premium products.

Its chairwoman, Nguyen Thi Hanh, said measures would also be taken to expand the distribution system including through online sales.

The company would strive to increase awareness of its brands among consumers, she said.

Last fiscal year had been a tough one for TAC due to the COVID-19 outbreak and the volatility in the oil market, she said.

But revenues exceeded the target by 7.84 per cent to reach VND4.1 trillion ($176.4 million).

Profit was more than 25 per cent over the target at VND171 billion ($7.4 million).

Earlier, on Thursday, the company announced its results for the first half of 2020, with net revenues jumping by 30 per cent year-on-year to VND2.22 billion ($,94.7 million) and profits by 25.5 per cent to VND322 billion ($13.8 million).

The cooking oil market last year was worth VND31 trillion ($1.34 billion) and is expected to grow to VND35 trillion ($1.5 billion) in the next five years. — VNS