Kido records $271 mln revenue in H1, 83% from cooking oil

Kido Group, Vietnam's leading food and cooking oil producer, reported a net revenue of VND6,352 billion ($271 million) in the first six months of the year, up 30% year-on-year, with cooking oil comprising 83%.

Cooking oil revenue rose 30%, while food grew at the same rate, accounting for 17% of the company's total.

The group's after-tax profit during the period reached VND340 billion ($14.5 million), down 6% against the same period last year.

Kido Group's management said increased revenues were derived from rising sales activities via modern channels like supermarkets, mini supermarkets, and convenience stores, and more investment in digital technology that bolstered online sales.

The corporation said that in the second half, it will continue to increase production, expand markets, enlarge market shares, and deploy more research to develop new products.

It plans to complete the Vinh oil plant expansion project by mid November to cater to the surging need of the northern region near lunar New Year 2023 as the plant's capacity will increase by more than four times.

Kido also plans to promote the export of cooking oil products to countries in the region like Cambodia and Laos.

The group has additionally completed construction and put Kido's Bakery Confectionery Factory with a capacity up to 19,044 tons per year in Ho Chi Minh City into operation this April, aiming to occupy second position in Vietnam's fresh bakery industry.

Kido has launched numerous offline stores to enlarge its F&B Chuk Chuk retail chain, covering all districts in HCMC, and is set to expand north soon.

On the Ho Chi Minh City Stock Exchange, the KDC shares price hit VND62,000 ($2.65) a piece at the closing session on July 21.