The pavement along Nguyễn Văn Chiêm Street has been designated for street food vendors. — VNS Photo An Phương

HCM CITY — Kido Frozen Foods Joint Stock Company (Kido Foods) has announced a growth of nearly 10 per cent in after-tax profit for 2020, reaching nearly VNĐ157 billion (US$6.8 million) despite facing many challenges caused by COVID-19.

The company revenue reached in 2020 was VNĐ1.3 trillion ($56.2 million). Although net revenue slightly fell by 7.3 per cent over that of last year, the pre-tax profit still represented 100.1 per cent of the annual target, reaching over VNĐ200 billion ($8.6 million).

The company attributed the achievement to its timely measures that it had taken, including re-structuring its distribution system.

In addition, the company reviewed its product categories, developing trendy products that bring high profits. Product diversification was also carried out.

This year, KIDO Foods confirmed that it would continue developing a distribution system to new areas. New products will be also produced and more advanced technologies will be invested to meet the demand of the market.

Marketing activities to attract consumers will be carried out in 2021.

KDF, formerly known as KIDO one-member limited company, was established in 2003, operating mainly in the field of ice cream, yogurt and frozen food production. 

At the end of December 2020, KDF was officially merged with KIDO Group to build and enhance its position, and financial and management capacity.

With support from the KIDO Group, KIDO Foods targets to become the number-one food corporation in Việt Nam. 

Last month, KIDO Group issued 23,088,000 KDC shares to convert KDF shares to implement the merger with the Group. 

The stock transfer is expected to be completed within the first quarter of this year. — VNS