In the third quarter, Kido spent 810 billion VND and in October poured in an additional 269 billion VND to increase its holding ratio of Tho Phat Bao to 68%.
Kido Group's recently announced consolidated financial report for the third quarter revealed the value of its investment in Tho Phat International Joint Stock Company (Tho Phat).
Accordingly, by the end of the third quarter, Tho Phat was recognized as a subsidiary of Kido, with an ownership ratio of 51%, equivalent to an investment value of VND 810 billion. With this ownership ratio, Tho Phat is valued at about VND 1,588 billion.
In early October, Kido continued to increase its ownership ratio at Tho Phat to 68% of shares, meaning this unit spent 1,079 billion VND.
According to Mr. Tran Le Nguyen, increasing the ownership ratio at Tho Phat from 25% to 68% is an important decision to help the company move faster with its ambition to lead the food industry.
Tho Phat's dumpling factory in Hiep Phuoc Industrial Park (HCMC). Photo: Thi Ha
This year, Tho Phat aims for revenue of 1,100 billion VND and profit of 150 billion VND. According to KIDO's expectations, after being under one roof, Tho Phat's revenue will triple next year.
In the near future, Tho Phat will expand the distribution of dumplings to the Northern and Central markets and in 2024 will sell processed products such as braised pork with eggs, meatballs, beef stew, processed vegetables... These products focus on the young customer segment who prefer convenience but still ensure a nutritious and delicious meal.
In addition to Tho Phat, Kido owns 4 joint ventures and associates as of the end of September, including: Dabaco Food Processing (50%); LG Vina Cosmetics (40%); Lavenue (50%); Kido Frozen Food (49%).
The group's consolidated financial report for the third quarter showed net revenue of VND2,303 billion, down 27% year-on-year. Gross profit margin reached 19%, while cost of goods sold decreased by 30% to VND1,860 billion.
After deducting all expenses, the company earned a profit of VND82 billion after tax, 2.7 times higher than the same period last year. The company said that most of the profit increase was due to financial investment activities and restructuring of the group.
Accumulated in 9 months, the company's revenue reached 6,670 billion VND, down 30%, while profit after tax increased 75% over the same period, reaching 647 billion VND.
Thi Ha
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