According to the explanation from Kido, in this second quarter, the company recorded a sudden increase in profit mainly due to the group’s restructuring in investment activities such as divestment of investments Calofic, KIDO Foods and new investment in Tho Phat bakery segment. Profit from investment liquidation recorded more than VND 898.4 billion
In the second quarter of 2023, KIDO Group Joint Stock Company (HoSE: KDC) recorded net revenue of more than 2,317 billion dong, down 33.1% over the same period last year. Gross profit decreased from 889 billion dong to more than 303.5 billion dong. Gross profit margin decreased from 25.7% to 15.1%.
Report on business results for the second quarter of 2023
Revenue from financial activities in the second quarter
During the period, financial income increased strongly, 44.9 times, from more than 21.4 billion to more than 961.4 billion. According to the explanation from KIDO Group, the reason is due to the group’s restructuring in investment activities such as divestment of investments Calofic, KIDO Foods and new investment in Tho Phat cake segment. Profit from investment liquidation was recorded at more than 898.4 billion VND while this same period was not recorded.
As a result, Kido recorded pre-tax and post-tax profits of more than 721 billion dong and 651.4 billion dong, up 164.1 percent and 198.6% respectively over the same period last year. It is known that this profit in the quarter recorded the highest level since the third quarter of 2016.
Accumulated in the first 6 months of 2023, Kido recorded VND 4,377 billion in net revenue, down 31% compared to the first 6 months of last year and profit after tax reached VND 501 billion, up 48%. Compared to the business plan that Kido approved in the Annual General Meeting of Shareholders, the Company fulfilled 29% of the revenue plan and 80% of the annual profit plan.
As of June 30, 2023, Kido’s total assets were recorded at more than 12,947 billion VND, down 7.5% compared to the beginning of the year. In which, mainly from: short-term receivables (VND 4,368 billion); cash and cash equivalents (1,350 billion VND); fixed assets (2,164 billion dong); long-term financial investment (2,838 billion dong) and the rest comes from other items.
On the stock market, closing the trading session on July 20, KDC’s share price increased by 0.79% compared to the previous session, currently at 64,000 VND/share.
