Food producer KIDO Group targets a 33 per cent jump in revenues this year to VND14 trillion (US$617 million).

Announcing this at the annual general meeting held in HCM City, the company also approved a pre-tax profit target of VND900 billion ($37 million), a 31 per cent increase.

It expects 2022 to be a challenging year due to the conflict between Russia and Ukraine and the zero-COVID policy in some countries, which could push up the cost of raw materials.

It affirmed to develop dried and chilled products portfolios; have new products such as sauces and spices and expand the new Chuk Chuk food and beverage brand both in Viet Nam and abroad.

At the meeting, the company also announced plans to scale up investment in subsidiaries including Tuong An Vegetable Oil Joint Stock Company and Viet Nam Vegetable Oils Industry Joint Stock Company (Vocarimex) to 100 per cent.

Last year the company achieved excellent results despite the challenges posed by COVID-19. It reported a 26 per cent rise in revenues to VND10.5 trillion ($460 trillion), and 65 per cent jump in profits to VND688 billion ($30.3 million), representing around 90 per cent of the targets set for the year

It attributed the achievements to its thorough efforts through measures like changing distribution system to meet the demand during social distancing and introducing health-enhancing products.

KIDO has been in business for over 27 years.

It has been expanding its business lines, including a return last year to the snacks market years after selling out and exiting. — VNS