In the first three months, the food industry giant recorded a net revenue of more than VND1,800 billion and a gross profit of nearly VND360 billion, down 12% and 7% respectively year-on-year. A bright spot is gross profit margin has improved to nearly 20%.
Another positive point is that expenses have dropped sharply, with financial expenses down 60% and sales expenses down 22%, to VND29 billion and VND242 billion, respectively.
As a result, KIDO’s net profit reached nearly VND10 billion in the first quarter of 2024, although it is still low, it is much more positive than the same period (loss of VND320 billion).
KIDO’s business results in the first quarter of 2024
Unit: Billion VND
 Source: VietstockFinance
|
For 2024, KIDO sets an ambitious plan with the goal of becoming the No. 1 food group in Vietnam and expanding to the world. Specifically, they expect a net revenue of VND13,000 billion, an increase of more than 50% over the same period, and pre-tax profit of VND800 billion, several times more than the same period.
In the past time, the food giant has made many moves to expand into other segments, such as acquiring the dumpling brand Tho Phat and entering the fish sauce and seasoning market with the brands Tuong An and Tuong An Unicook. In addition, the company also partnered with TikTok to implement the Entertainment & Ecommerce (E2E) project, a new sales channel that combines commerce and entertainment.
On the balance sheet, the food giant still demonstrates a very good financial foundation. At the end of the first quarter of 2024, KIDO owned nearly VND5,900 billion in current assets, including VND2,050 billion in cash and cash equivalents. The amount of accounts receivable was VND2,800 billion and the inventory was more than VND900 billion.
On the opposite side, short-term debt was over VND3,300 billion, of which short-term borrowings were nearly VND2,500 billion.
