Agri major Loc Troi target $17 mln profit in 2023

Agricultural services and food corporation Loc Troi Group JSC is targeting an after-tax profit of VND400 billion ($17 million) in 2023, up 3% year-on-year.

The company, registered on the unlisted public company market (UpCOM) as LTG, has released documents for its 2023 annual general meeting of shareholders, expected to be held on April 14 in An Giang province.

Accordingly, LTG aims to achieve profits beyond the plan to contribute to its provision funds for farmers and employees in the direction of sustainable development.

The group plans to increase the dividend rate of 2023 to 30% in cash, while the figure for 2022 was 25%.

LTG plans to set aside VND20 billion ($850,300) from its development investment fund for research, development and application of new products, services and technologies, and the disbursement period started on January 1, 2023.

In 2022, LTG achieved net revenue of VND11.69 trillion ($497.28 million), up 14% year-on-year, mainly from the food segment with VND6.51 trillion ($276.69 million), up 57%.

The group's after-tax profit reached VND412 billion ($17.52 million), down 1.6%.

The LTG share price hit VND26,800 ($1.14) at Monday morning's closing session.