Kido Group Corporation (KDC) has just announced its business results for the first quarter of 2025 with a loss of nearly VND 87 billion according to its separate report, compared to a loss of nearly VND 9.3 billion in the same period last year. According to the consolidated report, KDC lost nearly VND 67.3 billion in the first quarter of 2025, compared to a profit of nearly VND 21.7 billion in the first quarter of 2024.

Despite the sharp increase in revenue, KDC still reported a loss in the first quarter. According to the consolidated report, revenue in the first quarter of 2025 reached nearly VND2,146 billion, up 18% over the same period. According to the separate report, revenue reached VND2,329 billion, up 16%.

According to Kido's explanation document, signed by Vice President and General Director Tran Le Nguyen, the group's loss was due to "market fluctuations affecting the business".

Previously, in the fourth quarter of 2024, KDC achieved a profit after tax of VND 13.8 billion, a significant improvement compared to the loss of more than VND 511 million in the same period in 2023 thanks to revenue from financial activities of nearly VND 45 billion and more than VND 27 billion from profits in joint ventures and associates.

The lackluster business results came as a surprise to many investors.

On January 24, Kido held an extraordinary general meeting of shareholders. The meeting did not approve the sale of 24.03% of KIDO Foods shares.

Merrino NFM ice cream.jpg
KIDO Foods' ice cream products are famous and widely known in Vietnam. Source: NKF

KIDO Foods is a manufacturer and distributor of two ice cream brands, Merino and Celano, currently holding the largest market share in Vietnam.

In 2023, Kido's board of directors made a decision within its authority and transferred 24.03% of KIDO Foods (KDF) capital, reducing its ownership ratio to 49% and no longer holding control of this enterprise.

In September 2024, Nutifood announced that it would become the parent company of KDF after completing the acquisition of 51% of capital from many sellers.

However, Kido later announced that Merino and Celano are still brands owned by the group. Accordingly, in 2022, Kido conducted legal procedures to transfer all brand ownership from its subsidiaries to the group, including Vocarimex, Dau Tuong An, KIDO Foods and KIDO Nha Be.

At the extraordinary shareholders' meeting, KDC shareholders did not approve all 4 contents, including: Not approving the transaction to sell 24.03% of shares at KIDO Foods (91.3% of the total number of votes of shareholders attending the meeting); Not agreeing to transfer the Celano brand; Not agreeing to transfer the Merino brand; Not agreeing to transfer the Kido brand.

In the minutes of the extraordinary shareholders' meeting, some major shareholders said that the group's transfer of 24.03% of KDF shares without the shareholders' consent affected the rights and interests of the investment in Kido.

The representative of Star Pacifica Singapore Investment Fund - currently owning more than 20.5 million shares, equivalent to 7.1% of voting shares at the meeting, expressed his opinion that "under the authority of the Board of Directors, this transaction can be decided", but as an investment fund, the representative of this Fund expressed disagreement with this transaction. Because this has been affecting the interests of shareholders, including Star Pacifica Investment Fund.

The representative of Vina QSR Limited Investment Fund also expressed a similar view because "the rights and benefits of Vina QSR's investment in KDC are being affected".

KIDO shareholders oppose the sale of shares in the trillion-dollar ice cream company . Some shareholders and representatives of foreign investment funds disagree with KIDO's divestment from its subsidiary, indirectly leading to disputes over the Celano and Merino ice cream brands.

Source: https://vietnamnet.vn/so-huu-2-thuong-hieu-kem-lon-nhat-viet-nam-ong-lon-kido-bat-ngo-bao-lo-2398000.html