Friday , June 21 2024

Chuong Duong Beverage eyes 6-year-high revenues

Chuong Duong Beverage expects to double its revenues this year to VND365 billion ($15.57 million), the highest since 2017, by expanding sales networks and entering new markets.

It also expects to break a two-year losing streak and earn profits of VND3.8 billion.

For this, it plans to increase production by 77% to around 22 million liters of soft drinks, optimize the cost of goods sold and improve the distribution system.

But it will not be easy to achieve this since high bank interest rates have kept financial costs high and a new government proposal to tax soft drinks could hit demand.

Last year it only achieved half the VND327 billion revenue target, and suffered a loss of nearly VND49 billion, the highest in its history.

The management said last year’s troubles were due to a continued fall in demand post-pandemic and a rise in input, marketing and sales costs.

Competition and discount demands from customers led to larger inventories, which affected distribution for months. A number of sales personnel quit, putting pressure on traditional sales channels.

If this year’s targets are achieved, it will pay shareholders a dividend of 5%.

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