Tuesday , February 27 2024

Food producer KIDO posts biggest profit in 8 years

Food producer KIDO posted a pre-tax profit of VND727 billion ($30.75 million) in the first six months, up 71% year-on-year and the highest in eight years.

Its revenue however dropped 31% to VND4.38 trillion due to declining demands in both domestic and international markets.

The company attributed its high profits to successful financial investments.

In the first six months it divested from cooking oil producer Calofic and ice-cream maker KIDO Foods and invested in dumpling maker Tho Phat.

KIDO recorded a profit margin of 17%, up 10 percent year-on-year.

It aims to introduce new products to the market in the second half.

By the end of this month it will own 51% of shares in Tho Phat and pump them up to 70% in the third quarter.

Tho Phat and KIDO’s current cake business is expected to bring about a combined revenue of VND2 trillion and profit of VND200 billion this year.

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