Confectionary maker KIDO delays new product launches over Covid-19

By Thi Ha   June 23, 2021 | 09:16 am GMT+7
Confectionary maker KIDO delays new product launches over Covid-19
Kido general director Tran Le Nguyen answers shareholders’ questions at an online meeting, June 22, 2021. Photo by VnExpress/Ngoc Anh.
The launch of new products of a joint venture involving Vietnamese confectionery maker KIDO Group will be deferred to Q3.

If the pandemic had not broken out, coffee, fruit juices, dairy products, cupcakes and potato cakes, products of Vibev, a newly established beverage joint venture between KIDO and milk producer Vinamilk, would have been introduced to the local market in May and June, Tran Le Nguyen, KIDO general director, told shareholders Tuesday.

If the pandemic is controlled soon, the products will be launched in the third quarter at the latest, in July at the soonest, he said.

KIDO will also launch new snacks in cooperation with foreign partners, he added.

In addition to confectioneries and beverages, KIDO will introduce new edible oil products, gradually becoming a leading oil producer, and expanding operations to other segments of essential foods and foodstuffs.

KIDO will also launch new ice-creams to meet increasingly higher demand of customers, especially youths. It currently holds a lion share of 43.5 percent for the local ice-cream market.

In mid-June, KIDO announced the opening of its Chuk Chuk retail chain specialized in ice-creams, coffee, tea-based drinks and cakes, among other products. It hopes to open some 1,000 Chuk Chuk stores by 2025 and earn total revenues of VND7.8 trillion ($339.1 million).

KIDO, which approved the merger of KIDO Frozen Foods Joint Stock Company into the group last year, also plans to merge the Tuong An Vegetable Oil Joint Stock Company into it this year.

KIDO has planned to earn revenues of VND11.5 trillion this year, up 38.2 percent over last year, and pre-tax profits of VND800 billion, up 92 percent. It also plans to pay a dividend of 16 percent: 6 percent in cash and 10 percent in bonus shares.

 
 
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