A production line at KIDO Group. The company reported 34.5 per cent growth in revenues in the first quarter of this year. – VNS Photo

Food producer KIDO Group reported a 34.5 per cent year-on-year rise in net revenues in the first quarter to over VND2.3 trillion (US$101 million).

Pre-tax profit was up 138 per cent to more than VND150.2 billion ($6.5 million).

The company attributed the sharp rise to contribution system development and diversified products during the Lunar New Year festival in mid-February.

Besides selling at traditional markets, supermarkets and convenience stores, it also set up sales counters in quarantine areas.

Also during the Lunar New year, it introduced many new products.

Cooking oil accounted for 87 per cent of its sales.

This year the company targets revenues of VND11.5 trillion ($504 million), a 38 per cent increase, and profits of VND800 billion ($35 million), up 91.5 per cent. — VNS