Wednesday , September 28 2022

Leading food producer KIDO seeks 33 pct rise in profits


KIDO, the leading producer of cooking oil and ice cream in Vietnam, expected to reap revenues and profits of VND14 trillion ($612 million) and VND900 billion this year, up 31 percent and 33 percent, respectively.

Deputy Manager Nguyen Thi Xuan Lieu said given the current highly volatile market, the company will cut unnecessary costs, restructure, and diversify products and distribution channels to achieve the goals.

It also envisages expanding business to the dry foods and F&B sector with around 200-300 outlets nationwide, while also aiming for foreign markets.

Its bakery segment is set to launch new products to increase presence.

Vibev, the $17.5 million beverage venture between KIDO and dairy giant Vinamilk, is also set to launch new products of tea and juice this year.

Last year, KIDO reported profits rose by 65 percent to VND688 billion on revenues of VND10.5 trillion, thanks to higher sales and new solutions in importing materials.

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