Lê Hữu Thăng, new general director of Vinacafé Biên Hòa Joint Stock Company. — Photo courtesy of the company

HCMCITY — Vinacafé Biên Hòa Joint Stock Company expects to achieve net revenues of VNĐ2.9-3 trillion (US$125.4-129.7 million) and after-tax profit attributable to shareholders of VNĐ710-730 billion ($30.7-31.6 million) this year.

The company held its annual general meeting on April 14 where shareholders approved a number of targets and plans for 2021.

Despite difficulties last year due to the prolonged COVID-19 pandemic, rising raw material prices and fierce competition in the instant coffee market, the company achieved net revenues of VNĐ2.9 trillion and net profit after tax attributable to shareholders of VNĐ724 billion.

It paid 250 per cent dividends last year.

Its brands such as B'fast, Wake up Saigon, Phinn and especially Wake-up 247 continue to be key drivers of profits during a tough and challenging year.

Incorporating with Masan Consumer and VinMart/VinMart+ retail chains has helped Vinacafé Biên Hòa strengthen its distribution chain in both rural to urban areas.

Its strategies for this year include the launch of many new products.

Last year it won the ‘Việt Nam National Brand - Vietnam Value’ award for the seventh consecutive year and was named in the top 10 prestigious companies in the food and beverage industry for a fourth straight year.

The AGM approved the appointment of Lê Hữu Thăng as the company’s new general director.

He has more than 25 years of experience in the FMCG industry and held key positions in research and development and operation of coffee production and processing complexes at multinational companies in the US, Switzerland, Australia, Russia, Thailand, and Việt Nam. — VNS