Food major Kido fined for information disclosure violations

By Thuy Yen, Minh Hue
Sat, November 11, 2023 | 6:54 pm GMT+7

Leading Vietnamese food and cooking oil producer Kido Group has been fined VND117.5 million ($4,830) for non-disclosure or late disclosure of information.

The information related to bonds issued, shareholder meetings and salaries and remuneration of senior personnel.

Under a decision issued by the State Securities Commission (SSC), Kido Group was fined VND92.5 million ($3,800) for not submitting to the Hanoi Stock Exchange (HNX) reports on the use of capital raised from bond issuance as well as principal and coupon payments in 2021 and the first half of 2022; as also realization of issuer commitments to bond holders in 2022 and the first half of 2023.

Kido also failed to post documents used at its 2023 annual general shareholder meeting on time on the SSC’s information disclosure system and on the website of the Ho Chi Minh Stock Exchange (HoSE).

Kido Group records net profit of VND673 billion ($27.7 million) in the first nine months of the year, double the same period last year. Photo courtesy of the company.

Kido Group records net profit of VND673 billion ($27.7 million) in the first nine months of the year, double the same period last year. Photo courtesy of the company.

The group was fined another VND25 million ($1,030) for not having a separate section mentioning remuneration given to each board member and the salaries of general director and other managers in the annual financial report and shareholder report submitted at the annual meeting.

In the first nine months of 2023, Kido recorded VND6.67 trillion ($274.2 million) in revenue, down 30.2% year-on-year. However, thanks to financial revenues skyrocketing more than 12 times to VND1.27 trillion ($52.2 million), its net profit was VND673 billion ($27.7 million), double the same period last year.

The soaring financial revenue came from the transfers of 17.8 million shares of Kido Frozen Foods Co., Ltd and a 24% stake at Calofic Corporation, a subsidiary of Singapore’s Wilmar International Group, Singapore, for respective profits of VND1.05 trillion ($43.17 million) and VND76 billion ($3.12 million) in the first half of this year.

The group has targeted consolidated revenues of VND15 trillion ($638.4 million) and pre-tax profits of VND900 billion ($38.3 million) this year, up 20% and up 76% year-on-year, respectively.

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.

Kido, listed on the HoSE as KDC, closed Friday at VND63,000 ($2.59) per share.

Comments (0)
  • Read More
Central Vietnam city launches first industrial park project in 22 years

Central Vietnam city launches first industrial park project in 22 years

Vietnam’s central coastal city of Danang has broken ground on its first industrial park in 22 years, marking significant progress in its industrial development strategy.

Industrial real estate - Wed, February 19, 2025 | 12:21 pm GMT+7

Northern Vietnam province to complete site clearance for $2 bln LNG power plant in May

Northern Vietnam province to complete site clearance for $2 bln LNG power plant in May

Vietnam’s northern province of Thai Binh seeks to complete the site clearance for its $2 billion LNG Thai Binh power plant project in May, provincial authorities said Tuesday.

Energy - Wed, February 19, 2025 | 11:18 am GMT+7

Can Gio port added to Vietnam's seaport development plan

Can Gio port added to Vietnam's seaport development plan

The Can Gio international transshipment port project in Ho Chi Minh City has taken a significant step forward with its official inclusion in Vietnam’s seaport development plan.

Southeast Asia - Wed, February 19, 2025 | 9:29 am GMT+7

Vietnam's Tan Cang-Cai Mep International Terminal receives first vessel from Premier Alliance

Vietnam's Tan Cang-Cai Mep International Terminal receives first vessel from Premier Alliance

Tan Cang-Cai Mep International Terminal (TCIT) in the southern Vietnam province of Ba Ria-Vung Tau has welcomed the first vessel from EC3 of the Premier Alliance, announced Truong Tan Loc, chairman of TCIT on Tuesday.

Southeast Asia - Wed, February 19, 2025 | 9:26 am GMT+7

New shipping route linking China, Vietnam, India launched

New shipping route linking China, Vietnam, India launched

Vietnam Maritime Corporation (VIMC) has partnered with Guangxi Beibu Gulf Port Group of China to launch a new container shipping route connecting the ports of China’s Beibu Gulf, Vietnam’s Hai Phong city and India’s Kolkata.

Southeast Asia - Wed, February 19, 2025 | 9:23 am GMT+7

Thai PM highlights importance of regional economic integration

Thai PM highlights importance of regional economic integration

Thailand’s Prime Minister Paetongtarn Shinawatra has underscored the shared priorities of deeper regional economic integration, strengthening supply chains and contributing to global economic development.

Southeast Asia - Wed, February 19, 2025 | 9:15 am GMT+7

Japan retailer Aeon starts building 9.1 hectare mall in northern Vietnam

Japan retailer Aeon starts building 9.1 hectare mall in northern Vietnam

Aeon Mall Vietnam, under Japanese retail giant Aeon Mall, on Monday kicked off the construction of Aeon Mall Ha Long in Ha Long town, Quang Ninh province, the firm said in a statement.

Companies - Wed, February 19, 2025 | 9:09 am GMT+7

Vietjet, Satair sign multi-year agreement for integrated material services

Vietjet, Satair sign multi-year agreement for integrated material services

Vietjet Air and Satair, an Airbus services company, on Tuesday signed a multi-year agreement for the latter's Integrated Material Services (IMS), a comprehensive material solution that will support the former's entire Airbus A320 and A330 fleet.

Companies - Wed, February 19, 2025 | 8:13 am GMT+7

Indonesia promotes Marine Biopharma in healthcare

Indonesia promotes Marine Biopharma in healthcare

Indonesia is actively promoting the use of marine biopharmaceuticals in the healthcare, cosmetics, and nutraceutical industries to harness the vast potential of its marine and fisheries resources.

Southeast Asia - Tue, February 18, 2025 | 10:05 pm GMT+7

Thailand leads dried fruit exports to China

Thailand leads dried fruit exports to China

Thailand led global exports of dried fruits to China in the first 10 months of 2024, with sales rising 10.22% from the same period last year to $125.64 million, according to the Thai Department of International Trade Promotion (DITP).

Southeast Asia - Tue, February 18, 2025 | 10:02 pm GMT+7

Vietnam parliament okays appointment of 4 ministers

Vietnam parliament okays appointment of 4 ministers

The Vietnamese parliament on Tuesday okayed the appointment of four ministers, per Prime Minister Pham Minh Chinh's proposal.

Politics - Tue, February 18, 2025 | 9:38 pm GMT+7

Vietnam has 2 new Deputy Prime Ministers

Vietnam has 2 new Deputy Prime Ministers

The National Assembly, Vietnam's highest legislative body, on Tuesday approved Prime Minister Pham Minh Chinh's proposal to appoint Nguyen Chi Dung and Mai Van Chinh as Deputy Prime Ministers for the term 2021-2026.

Politics - Tue, February 18, 2025 | 6:07 pm GMT+7

Foreign investors hold over $12.6 bln worth of Vietnamese securities

Foreign investors hold over $12.6 bln worth of Vietnamese securities

Foreign investors held over VND323.53 trillion ($12.65 billion) worth of securities at the end of 2024, accounting for 7.35% of the total registered securities value at the Vietnam Securities Depository and Clearing Corporation (VSDC), according to its general director Ta Thanh Binh.

Finance - Tue, February 18, 2025 | 4:33 pm GMT+7

Vietnam’s southernmost province eyes exporting electricity to Singapore

Vietnam’s southernmost province eyes exporting electricity to Singapore

Vietnam’s southernmost province of Ca Mau aims to build a grid to export electricity to Singapore, provincial authorities suggested at a Monday meeting with Singaporean Ambassador to Vietnam Jaya Ratnam.

Energy - Tue, February 18, 2025 | 3:21 pm GMT+7

Vietnam's leading IP developer KBC eyes 7-fold profit hike in 2025

Vietnam's leading IP developer KBC eyes 7-fold profit hike in 2025

Kinh Bac City Development Holding Corporation (HoSE: KBC), a leading industrial real estate developer in Vietnam, targets a consolidated net profit of VND3.2 trillion ($125.5 million) this year, a sevenfold increase from 2024.

Companies - Tue, February 18, 2025 | 3:04 pm GMT+7

Chinese semiconductor firm proposes independent power transmission line in northern Vietnam

Chinese semiconductor firm proposes independent power transmission line in northern Vietnam

Micro Commercial Components Vietnam (M.C.C) has proposed the construction of an independent power transmission line in the northern province of Bac Ninh to ensure a stable power supply during a meeting with local leaders on Monday.

Industries - Tue, February 18, 2025 | 1:20 pm GMT+7