Cooking oil manufacturer Tuong An Vegetable Oil Joint-Stock Company (TAC) is expected to reach its target of pre-tax profits of VND165 billion (US47.2 million) this year, according to the company.

The company said that in the first three quarters of the year, it had reached a pre-tax profit of over VND107 billion ($4.7 million), up by nearly 50 per cent over the same period last year.

TAC reported that revenue in this period increased by 6 per cent year-on-year to VND3 trillion.

During the first nine months, the company spent a great deal to expand their distribution system as well as develop human resources.

TAC attributed such investments to its plan to put a foothold in the high-end segment and to develop more products in the fourth quarter.

From now to the end of this year, the company predicts that its revenue will strongly increase thanks to high demand during the year-end season. Many new products will also be brought to the market.

Established in 1977, the company is now one of the biggest cooking oil manufacturers in the country. Last November, the company was acquired by Kido Group. — VNS