01:20 (GMT +7) - Wednesday 13/12/2017

Business

KIDO's 1H revenue up 200%

Released at: 13:21, 21/07/2017

KIDO's 1H revenue up 200%

Photo: KIDO Group

Growth helped by addition of Vocarimex and TAC to consolidated financials.

by Quynh Nguyen

The KIDO Group Corporation (KDC) has released its consolidated results for the first half of this year, revealing net sales of VND2.9 trillion ($127.6 million), an increase of nearly 200 per cent year-on-year thanks to it acquiring the Vietnam Vegetable Oils Industry Corporation (Vocarimex) and the Tuong An Company (TAC).

Frozen food contributed nearly 30 per cent to total net revenue and packaged food the remaining 70 per cent. Gross profit rose 30 per cent year-on-year.

Pre-tax profit in the first half reached VND446 billion ($19.6 million), or 91 per cent of the full-year target. The main driver was financial income from a revaluation of 24 per cent of its stake in Vocarimex.  

KDC completed the acquisition of an additional 27 per cent in Vocarimex in May, raising its holding to 51 per cent and taking its share of the edible oil market to over 35 per cent.

It also successfully completed a 50 per cent investment in the Dabaco Food Processing Co. in the second quarter, expanding its footprint in three key categories: fresh food, frozen food, and processed food.   

Formerly the Kinh Do Corporation, KDC was established in 1993 and has grown to become one of the leading consumer product companies in Vietnam. Throughout the past 23 years of growth and development, it has expanded beyond the confectionery category to include ice cream, yogurt, desserts, frozen food, and edible oils.

Its vision is to serve the needs of Vietnamese consumers by supplying daily food products in various brands that enhance lifestyles and meet consumer needs throughout the day.

2017 will mark another key milestone, with its frozen food business expanding into new product segments. By maximizing is existing cold chain, the KIDO Frozen Food JSC (KDF) will begin selling additional products.

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