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Food company profit jumps 60 pct

By Phuong Dong   January 20, 2021 | 05:26 pm PT
Food company profit jumps 60 pct
An ice-cream manufacturing chain seen in a factory of Kido Group Corporation. Photo courtesy of Kido Group Corporation.
KIDO Corporation has reported a 59.6 percent surge in net profit last year to VND330 billion ($14 million), and attributed it to booming edible oil sales.

Its net revenues were VND8.32 trillion, up 15.4 percent. Cooking oil accounted for 84.5 percent of its total revenues, 25.1 percentage points higher than in 2019.

Frozen products, mainly ice-cream, accounted for 15.1 percent and other products for 0.4 percent.

The company tweaked production plans to meet the demand in various regions, optimized its distribution channels and diversified its products to meet customers’ needs. It included increasing the number of transit warehouses by 15.

In December, the board of directors approved an issue of corporate bonds with a face value of VND1 billion to fund production and trading of cooking oils, confectionery, soft drinks, agricultural products, and other products, the company said.

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