KIDO highest profit in 8 years

In the first 6 months, KIDO Group's pre-tax profit reached 727 billion VND, up 71% over the same period last year - the highest in the past 8 years.

Information recently announced by KIDO Group shows that the sudden increase in profits has helped the company complete more than 80% of its annual plan. After deducting taxes, the company earned VND501 billion, up 48% over the same period last year. Net revenue in the first half of the year was about VND4,377 billion, down 31% over the same period last year.

Explaining the reason for the sudden increase in profits, the leaders of KIDO Group said that most of the profits came from financial investment activities. In the first half of the year, this enterprise effectively divested investments such as Calofic, KIDO Foods; and made new investments in Tho Phat bakery segment. In terms of sales activities, revenue decreased compared to the same period in 2022 due to the impact of inflation and declining purchasing power in the domestic and international markets.

To overcome the difficulties, the company has also closely monitored market developments, adjusted and responded at each time. The company continuously researched and launched new products, promoted mergers and acquisitions, and cooperated with strategic partners to expand business in the essential food sector.

Regarding distribution activities, in the first half of the year, the company's products were brought more to supermarkets, convenience stores, and traditional stores. In addition, the company continued to invest and apply digital technology to promote online sales channels.

The above efforts helped the net profit margin from business activities reach 17%, an increase of 10% over the same period last year, and the profit margin after corporate income tax reached 11%, an increase of 6% over the same period in 2022.

In the second half of the year, the company said it will research and expand its products in the oil, spice, and ice cream industries. For the bakery industry, the company is in the process of completing the final steps to launch the moon cake product this year.

By the end of July, the company is expected to complete ownership of 51% of Tho Phat Brand shares and complete raising the ownership ratio to 70% in the third quarter. Tho Phat combined with the group's current bakery segment is expected to achieve revenue of about VND 2,000 billion, with a planned profit of VND 200 billion in 2023.

Thi Ha

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