TAC targets VND5.3 trillion revenues for 2021
TAC targets VND5.3 trillion revenues for 2021
Oil producer Tuong An Vegetable Oil Joint Company said it targets net revenues of around VND5.3 trillion (US$230 million) and profits of VND232 billion ($10 million) this year, 0.36 per cent and 5 per cent up from last year.
At its annual general meeting organised online last week the company also announced a dividend of 20 per cent for 2020.
It said the cooking oil market still has room for growth and is expected to be worth VND35 trillion ($1.5 billion) in 2024.
It plans to continue focusing on premium products and diversification like Nutri Plus and Tuong An Gold, soya oil, and Vio, a cooking oil for kids, remaining key products.
Plants would be expanded and upgraded to improve productivity while cut costs, the company said.
Some VND920 billion ($40 million) will be spent to expand the Phu My and Vinh plants. The latter, to be expanded to increase output from 40,000 tonnes a year to 150,000 tonnes will help the company enlarge its market in the north.
The management said 2020 was a remarkable time since the company achieved all revenue and profit targets despite the challenges like COVID-19.
Its revenues were up over 26 per cent to VND5.2 trillion.
Revenues from the premium and mid-priced segments increased by 23 per cent.
Gross profit rose by 15 per cent to VND762 billion ($33 million).
Founded in 1977, Tuong An has been one of the largest manufacturers and distributors of cooking oil in the country. It was acquired by KIDO Group in November 2016.
