Food producer KIDO Group said first quarter revenues rose 24 per cent year-on-year to nearly VND2.8 trillion (US$122 million).

Profit before tax edged up by 1.3 per cent to VND152 billion ($6.6 million).

KIDO strengthened sales through all channels and expanded its food and beverage chains, and these are cited as the main reasons for the excellent business results.

Of its affiliated companies, Tuong An Vegetable Oil Company (TAC) reported revenues of VND1.7 trillion ($74 million), up 5.1 per cent, and profits of VND53 billion ($2.3 million), a 32 per cent decline.

The company attributed the sharp fall in profit to the conflict between Russia and Ukraine which caused transportation costs to surge.

Viet Nam Vegetable Oils Industry Corporation reported a 34 per cent fall in revenues to VND311 billion ($15.6 million).

Thanks to the support from the parent company, another subsidiary, KIDO Nha Be, has seen business improved in recent times.

In the first quarter, it reported a revenue of VND472 billion ($20 million), a 24 per cent year-on-year increase.

Before-tax profit quadrupled to VND26 billion ($1.1 million). — VNS