Owner of G Kitchen chain reports $18 mln profit in 2022

Greenfeed Vietnam Corporation, owner of the G Kitchen pork retail chain, reported after-tax profit of more than VND416 billion ($17.7 million) in 2022, down a third compared to 2021.

At the end of 2022, the company's equity had increased by about VND470 billion ($19.97 million) to nearly VND3.6 trillion ($152.79 million) from the beginning of the year, but its debt-to-equity ratio also rose 1.71 times due to a hike in liabilities.

The company had a total debt of nearly VND6.15 trillion ($261.37 million), up 16% year-on-year, according to its information disclosure sent to the Hanoi Stock Exchange (HNX).

Outstanding bond debts were more than VND1 trillion ($42.5 million), down over 15% from 2021.

According to the HNX, there are company bonds in circulation that were issued in November 2021 and will mature in June 2028. Interest on these bonds is paid every six months at a fixed rate of 6.53%/year. In 2022, the company paid one-time interest in December with a total amount of nearly VND33 billion ($1.4 million).

GreenFeed Vietnam was established in 2003 to produce livestock, poultry and seafood feed. Later, the business also moved into food and beverages.

In 2019, the company launched the G brand for pork and pork products, distributed through supermarkets and food stores. The company is also focusing on fresh products with reasonable prices such as pork, eggs, poultry, and seafood.

At the end of 2021, GreenFeed Vietnam completed a private placement bond offering with a value of VND1 trillion ($42.5 million). IFC, the World Bank’s investment arm, bought the entire lot of these bonds with a maximum term of 84 months and a fixed interest rate of 6.53%/year.