Customers buy cooking oil at a supermarket in HCM City. – Photo Courtesy KIDO Group

HCM CITY — Food producer KIDO Group has announced targets for this year, including a one-third jump in net revenues to VNĐ14 trillion (US$615.5 million).

The profit target is VNĐ900 billion ($40 million), 32 per cent up from 2021.

To achieve the goals, it said it would strengthen key cooking oil products to become the leading company in the sector, and research to bring new margarine, confectionery, snack, beverage, and ice cream products into the market.

In the food and beverage business, it plans to expand Chuk Chuk, the new food and beverage brand it introduced last year, by opening more stores in HCM City and elsewhere taking it to foreign markets.

For 2021 KIDO reported revenues of VNĐ10.5 trillion ($462 million) and profits of VNĐ681 billion ($30 million), 64 per cent up in both cases.

The group attributed the excellent results to new products it introduced last quarter, including beverages made in co-operation with Vinamilk, the start of the Chuk Chuk chain and return to the snacking industry after six years.

Subsidiary Tường An Vegetable Oil Joint Stock Company achieved net revenue of nearly VNĐ6.3 trillion ($277 million), a 20 per cent increase, and profit before tax was VNĐ220 billion ($9.7 million), presenting 95 per cent of annual target.

Another subsidiary, Vocarimex, reported net revenues of nearly VNĐ1.5 trillion ($66 million), a 42 per cent decline.

KIDO Nhà Bè Company achieved revenues of VNĐ1.6 trillion ($70 million), up 36 per cent, and profits of VNĐ101 billion ($4.4 million), a 36 per cent rise. — VNS