AsemconnectVietnam - According to the recently announced consolidated financial report for the fourth quarter of 2023, during the period, KIDO Group Joint Stock Company (KDC) recorded net revenue of nearly VND2,000 billion, down 33% over the same period, profit margin improved significantly, costs were reduced, but financial costs arose sharply, causing the business to record a loss in the fourth quarter.

Specifically, in the fourth quarter of 2023, KIDO recorded net revenue of nearly VND2,000 billion, down 33% over the same period. Gross profit increased by 35% to VND380 billion, thanks to a significant increase in profit margin over the same period.
Expenses during the period decreased significantly, such as interest expenses decreased by 48% over the same period, selling expenses decreased by 31% and business management costs decreased by 46%.
A notable point in the period on KDC's financial statements is the sudden financial expenses, mainly due to the emergence of provisions for devaluation of investments of more than VND753 billion, thereby causing financial expenses to up to nearly VND800 billion.
This provision is related to the "golden land" project No. 8-12 Le Duan, District 1, Ho Chi Minh City invested by Lavenue Company. KDC currently owns 50% of Lavenue's capital, with an investment value of more than VND1,069 billion.
As a result, the company recorded a net loss of VND565 billion in the fourth quarter of 2023, while in the same period a profit of VND25 billion. For the whole year of 2023, KIDO recorded net revenue of more than VND8,650 billion and net profit of nearly VND110 billion, down 31% and 70% respectively over the same period.
KDC side said that the company bought Lavenue shares since 2010 and has held them until now, after a long time through many procedures, legal documents, project investments... and problems have arisen that affect the report.
Recognizing this problem, in the 2023 annual report period, the Board of Directors discussed and agreed to decide to set aside provisions for the investment in Lavenue.
“Provisioning for investments greatly affects the reporting and profits of the whole Group, but this clearly shows KIDO's goodwill in informing the project to the market, shareholders, investors, partners and auditing agencies", according to KDC.
As of December 31, 2023, short-term assets are more than VND7,000 billion, of which nearly VND2,800 billion in cash and cash equivalents, short-term financial investments. Short-term receivables maintained at VND3,000 billion. In the capital structure, short-term debt is nearly VND4,300 billion, of which short-term loans are more than VND2,800 billion.
At the end of 2023, KIDO will launch fish sauce and seasoning products in the food and seasoning category under the brands Tuong An and Tuong An Unicook, realizing the goal of "Filling the Vietnamese kitchen" through products Nutritional, convenient, safe, unique.
According to KIDO, the spice industry is a piece of the multi-industry business development strategy in the food sector of KIDO Group's Board of Directors, aiming to become the No.1 Corporation in the field of essential foods in Viet Nam.
N.Nga
Source: VITIC/Tinnhanhchungkhoan