TAC: Tuong An Oil is expected to increase 30% in production during Tet

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The company has prepared to implement the production plan from the beginning of October 2021 to supply enough goods for businesses and 450,000 points of sale of Tuong An nationwide.

TAC sets a target of 30% increase in output on the occasion of the Tiger New Year 2022.

According to Nielsen retail measurement data 2020, the fourth quarter and the Lunar New Year are the peak seasons of the year for the household cooking oil industry. The market volume in the fourth quarter and the Lunar New Year is about VND 4,000 billion.

For Tuong An, 2020 is a year of strong growth in revenue from products in the mid- and high-end segments. TAC’s market share in 2020 accounted for 21% market share in value, growing at 13%. In which, the traditional channel increased by 14%, the modern channel increased by 16%.

Commenting on the market and consumption trends in this year’s Tet, Mr. Bui Thanh Tung, Deputy General Director of KIDO Group, General Director of Tuong An Oil said, 2021 is a year with many memorable events due to the impact by the 4th wave of the COVID-19 pandemic and creating profound effects on all aspects of social and economic life. Fluctuating world prices lead to serious impacts on Vietnam, causing difficulties in spending.

With these difficulties, the company’s leaders said that Tet gifts 2022 will probably no longer have many flashy gifts but will be meaningful gifts that bring peace, practicality, showing the care, love and heart of the giver. Cooking oil is one of the essential products used daily.

“Therefore, we have boldly planned to produce a large amount of cooking oil to serve the needs of both as meaningful gifts and as familiar processing ingredients for the family during Tet 2022. The company has prepared The production plan was deployed from the beginning of October 2021 to supply enough goods for businesses and 450,000 points of sale of Tuong An nationwide. It is expected that the output of cooking oil launched to the market during Tet this year will increase by 30% over the same period.”.

Company leaders said that they have received many orders from businesses and agencies across the country to prepare gift plans for employees and partners during the Lunar New Year.

Regarding business results, accumulated for 9 months of 2021, Tuong An’s net revenue is 4,581 billion dong, up 27% over the same period in 2020; profit before tax was nearly 148 billion dong, net profit was more than 118 billion dong, down nearly 20% over the same period.

In 2021, TAC sets a revenue target of VND 5,266 billion and a profit before tax of VND 232 billion, a slight increase compared to 2020. Thus, after 9 months, the company has completed 87% of the profit plan and reached nearly 64% pre-tax profit plan for the whole year.

Source: stockbiz.vn – Translated by fintel.vn