Food producer KIDO Group reported strong first-half growth in the chilled foods segment as its gross profit increased by 19 per cent year-on-year to over VND801 billion (US$34.5 million).

Second quarter profit was VND485 billion ($20.9 million), also 19 per cent up, it said.

Net revenues were VND3.2 trillion ($137.5 million) and VND1.7 trillion ($73 million) in the first half and second quarter.

Besides, ice-cream premium oil products and margarine were also responsible for profit growth, the company said.

Subsidiaries’ results

Tuong An Vegetable Oil Company, a KDC subsidiary, reported net revenues of VND869 billion ($37.4 million) in the second quarter, a 14 per cent fall year-on-year, blaming the decline on intense competition in the industry.

However, gross profit was 32 per cent up at VND140.7 billion ($6 million) while profit after tax rose seven-fold to VND30 billion ($1.3 million).

KIDO Food achieved second quarter net revenues of VND500 billion ($21.5 million), a 2 per cent increase.

The company said it focused on key products and expanded its distribution system to convenience shops and mini supermarkets.

New products helped boost revenues, the company said.

Profit before tax was VND95 billion ($4.1 million).

Viet Nam Vegetable Oils Industry Corporation said revenues were 35 per cent down at VND694 billion ($29.8 million) due to competition.

Gross profit was down 77 per cent at VND6 billion ($259,000).

The company plans to continue to develop exports.

KIDO Group, established in 1993, has now become a leading food producer with key products being ice cream, yoghurt, chilled products, and cooking oil. – VNS