In the first six months, KIDO Group's pre-tax profit reached VND 727 billion, a 71% increase compared to the same period last year - the highest in the past eight years.
Information recently released by KIDO Group shows that a surge in profits has helped the company achieve over 80% of its annual plan. After deducting taxes, the company earned a profit of VND 501 billion, a 48% increase compared to the same period last year. Net revenue in the first half of the year was approximately VND 4,377 billion, a 31% decrease compared to the same period last year.
Explaining the reason for the sudden surge in profits, KIDO Group's leaders stated that the majority of the profit came from financial investment activities. In the first half of the year, the company effectively divested from investments such as Calofic and KIDO Foods; and made new investments in the Tho Phat confectionery segment. Regarding sales, revenue decreased compared to the same period in 2022 due to the impact of inflation and a sharp decline in purchasing power in both domestic and international markets.
To overcome difficulties, the company has closely monitored market developments, adjusting and responding accordingly. The company continuously researches and develops new products, promotes mergers and acquisitions, and collaborates with strategic partners to expand its business in the essential food sector.
Regarding distribution activities, in the first half of the year, the company's products were introduced more frequently into supermarkets, convenience stores, and traditional retail outlets. In addition, the company continued to invest in and apply digital technology to boost its online sales channel.
These efforts helped the net profit margin from business operations reach 17%, a 10% increase compared to the same period last year, and the after-tax profit margin reached 11%, a 6% increase compared to the same period in 2022.
For the second half of the year, the company stated it will research and expand its product range in oils, spices, and creams. Regarding confectionery, the company is currently finalizing the last steps before launching its mooncake products this year.
By the end of July, the company is expected to complete the acquisition of 51% of Tho Phat brand shares and complete increasing the ownership stake to 70% in the third quarter. Tho Phat, combined with the group's existing bakery segment, is projected to achieve revenue of approximately VND 2,000 billion and a planned profit of VND 200 billion in 2023.
Thi Ha
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