Interfood Shareholding Company, owner of the Wonderfarm beverage brand in Vietnam, reported after-tax profit of VND68 billion ($2.87 million) in the second quarter of this year, up 73% year-on-year.
The company, registered on the unlisted public company market UPCoM as IFS, recorded total revenue of nearly VND507 billion ($21.4 million) in the period, up 5%.
Of which, VND417 billion ($17.6 million) came from the beverage segment and VND89 billion ($3.76 million) from canned food. Notably, the main product in the canned food segment was coconut milk.
In Q2, Interfood posted net revenue of nearly VND477 billion ($20.16 million), up 18%, and after-tax profit of VND68 billion ($2.87 million), up 73%.
In the first six months of 2023, the company reported net revenue of VND872 billion ($36.9 million), up 11% and fullfilling 26% of its year plan, with pre-tax profit of VND128 billion ($5.4 million), up 50% and reaching 93% of its year target.
As of June 30, 2023, Interfood's total assets had tood at VND1.51 trillion ($63.9 million). Notably, cash and deposits reached VND1.07 trillion ($45.4 million), accounting for 71% of total assets. The company maintains a short-term bank deposit of VND700 billion ($29.6 million).
By the end of June, the company's equity reached VND1.3 trillion ($54.9 million), accounting for 86% of total capital. Notably, Interfood did not record any financial debt.
Established in 1991, Interfood, formerly known as the International Food Processing Industry Company, is a 100% foreign-invested company. The initial investor was Trade Ocean Holdings Sdn. Bhd in Penang, Malaysia.
In the midst of a thriving business, a major incident occurred with Interfood in 2008 when some of the company's bakery products contained melamine exceeding the permissible level. Also in 2008, the company reported a loss of VND267 billion ($11.3 million) and extended its losing streak after that.
In 2011, Interfood was restructured by Japan's Kirin Group with an ownership rate of 57%. Kirin then increased its ownership rate in Interfood and now owns a nearly 96% stake.
After going through a period of severe crisis from 2008-2015, with seven out of eight years of losses, Interfood started to become profitable again in 2016.
In its 2022 annual report, Interfood said it has grown well focusing on its flagship product Wonderfarm winter melon tea. In addition, the company also has a number of other products like Yen Ngan Nhi's water and bakery products and drinks from the Kirin brand like Ice + fruit juice, Latte, and Tea Break.
On the UPCoM, IFS stood at VND26,000 ($1.1) per unit at Thursday's close.