KIDO Group aims for profit of 800 billion VND in 2021

Hanoi, February 23 (VNA) – Food producer KIDO Group (KDC) has set a goal of reeling in revenue of 11.5 trillion VND (501.1 million USD) this year, of which pre-tax profit stands at 800 billion VND.

The figures are higher than those of 2020 by 38 and 91.5 percent respectively.

Toward the target, plans have been in place to develop each sector operated by the group.

Accordingly, the group will diversify and strengthen the brands of its cooking oil products, while keeping its leading place and share in the ice cream market.

Regarding snack production, research is underway for the launch of new snacks, moon cakes, and fresh bread.

KIDO is also studying the potential coffee market for the gain of a future foothold as soon as possible.

Recently, the group has announced that it is entering the beverage industry by setting up a joint venture with dairy giant Vinamilk. The two companies signed a memorandum of understanding to set up a joint venture - the Vinamilk-Kido Beverage Joint Venture Company Ltd (Vibev), with Vinamilk holding 51 percent and KDC 49 percent. The new brand is expected to debut in April.

In January alone, KIDO posted about 1.1 trillion VND in revenue, doubling the figure of the same period last year, and 90 billion VND in pre-tax profit, up 342 percent year-on-year.

The group attributed the substantial growth to impressive sales of cooking oil and confectionary products serving the Lunar New Year festival (Tet)./.