Food firm Kido targets highest profit in 7 years

Leading Vietnamese food and cooking oil producer Kido Group is targeting a consolidated revenue of VND15 trillion ($638.4 million) in 2023, and pre-tax profit of VND900 billion ($38.3 million), up 20% and up 76% year-on-year, respectively.

The figures will be officially released at the company's annual general meeting of shareholders (AGM) on June 27.

If the targets are met, they would mark the company's highest revenue and profit in seven years, excluding the profit made in 2015-2016 from the sale of its confectionery business.

In 2023, Kido will focus on four segments, of which fish sauce is one of the most important, besides cooking oil, ice cream and confectionery.

In the first quarter of this year, Kido reported net revenue of VND2.06 trillion ($87.67 million), down 28% year-on-year. It posted a loss of VND105.6 billion ($4.49 million) in the quarter, the biggest loss since the company listed on the stock exchange in 2005, while in the same period last year, it made a profit of VND121 billion ($5.15 million).

Kido, listed on the Ho Chi Minh Stock Exchange (HoSE) as KDC, finished at VND64,800 ($2.76) per share on Wednesday.