KIDO Group to focus on essential food business in 2024
VIETNAM, June 20 -
HCM CITY – KIDO Group Corporation, a food producer, is focusing on research and development activities to expand its essential food business, develop new products, and strengthen distribution channels toward export markets to boost revenue and profit in 2024.
At its annual shareholders’ meeting in HCM City on Wednesday, KIDO outlined its business goals for 2024, aiming for 50 per cent growth in revenue to reach VNĐ13 trillion (US$513 million). The profit target is VNĐ800 billion ($32.6 million), about 2.5 times higher than 2023.
To achieve these goals, KIDO will leverage the strengths of existing platforms, diversify product portfolios, and expand vigorously in the essential food sector in Việt Nam.
CEO Trần Lệ Nguyên affirmed that with these efforts, the corporation is confident in achieving its goals.
This strategy will be implemented across all business units covered by the corporation, including edible oil and butter, spices, bakery, dumplings, and ice cream.
Among these units, spices play a key role for KIDO in executing its strategy of "Filling Vietnamese Kitchens" and venturing into the essential goods sector.
Following the official launch of the sector in December 2023 with products such as fish sauce and seasoning powder, KIDO will continue to diversify its product portfolio, including essential seasoning product lines like fish sauce, seasoning powder, soy sauce, and spice powder.
Deputy general director Bùi Thanh Tùng confirmed that the key task for the group in 2024 is to successfully enter and develop in the essential food sector in Việt Nam.
The spice business unit will play a crucial role in this strategy, he confirmed.
In the cooking oil and butter category, KIDO will optimise the supply chain of products and raw materials, diversify the product portfolio, maximise retail channels, increase market share, and compete strongly with rivals.
The corporation will also focus on market expansion, brand-building activities, and network expansion to become an industry leader.
Similar strategies will be applied to other business units. The corporation will also target the export market for its ice cream products.
Additionally, the Entertainment to E-Commerce (E2E) trade promotion project on the TikTok platform will continue to be a crucial tool for the group in implementing marketing strategies, product promotion, and engaging consumers through livestreaming.
In the second half of 2024, the Group will remain adaptable to market changes, leveraging its strengths in management, branding, logistics, and the development of leading brands.
In 2023, KIDO recorded net revenue of VNĐ8.7 trillion and pre-tax profit of VNĐ323 billion ($12.7 million). Total assets reached VNĐ12.4 trillion ($488 million), with total owner's equity of VNĐ7.1 trillion ($280 million). – VNS
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