FIT AGM: Group restructuring process is gradually being completed

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On 26th April 2019, F.I.T Group Joint Stock Company held the Annual General Meeting of Shareholders in 2019.

The Congress approved the report on business results 2018 and business plan 2019; Audited financial statements 2018; as well as other issues under the authority of the General Meeting of Shareholders.

Year 2018 continues to be a pivotal year in FIT’s business development process, net revenue is 1,596 billion, equivalent to 78.4% of the plan. The reason is that FIT is in the process of restructuring, narrowing down ineffective business segments, investing heavily in potential businesses.

Cuu Long Pharmaceutical (DCL) continues to be a spearhead company in the Group. At the capsule section, the capsule factory III began operating in mid-2018, helping to increase DCL’s capsule production capacity by 3 times, meeting the increasing demand of the market. Besides, the pharmaceutical segment also developed. New label launched to market such as Panalgan line are highly appreciated by pharmacies and patients, the existing products are improved both in quality and packaging more beautiful designs, and product preservation like Nootripam 500, Pabemin. In future, DCL will continue to invest in developing product portfolio to better meet market demand. In addition, large projects are still in the process of implementation such as the project of cancer medicine in Pre-FS stage, the project of consumable material factory. And especially the presence of the new CEO at DCL in early 2019 – Mr. Nikhilesh Deshpande – a Pharmacist with over 18 years of experience working in the pharmaceutical industry in senior positions in Vietnam, promises to bring positive results from DCL’s business 2019 and the following years.

In 2018, the revenue of the food segment increased by 5%. With this business, FIT has invested in the new freezing system in Westfood, increasing the capacity from 2.7 to 4.2 tons per hour, and more importantly, Westfood has been constantly learning to lift high quality products, meet the strict requirements from the markets as Japan, USA, Australia, New Zealand and Europe. Since 2017, Westfood has gradually developed its own material area to increase the activeness of input materials, as well as become the first company in Vietnam to successfully test MD2 pineapple varieties to increase productivity and product quality.

In the field of Drinking Water: thanks to reshaping distribution channels and efforts to increase productivity, Vikoda Drinking Water Joint Stock Company, a member of FIT, has made progress in the results of production and business activities. Vikoda made an effort to invest in research and development to launch at the end of the third quarter new labels and bottles for its main products: Danh Thanh and Vikoda, which contributed to the company’s profit in period end of the year. Not only refreshing the image for the long-established, flagship products, Vikoda has also caught up with the trend, launching new product lines such as cans and jars, cans … part of strengthening and expanding market share.

In the field of cosmetic industry: with the addition of the new General Director who is young, enthusiastic but also experienced in the field of fast-moving consumer goods, FIT Cosmetics JSC also had positive results. With the implementation of a new trade policy, the revenue of this business has reached breakeven in the last months of the year.

Mr. Kieu Huu Hoan – new BOD members

Although the operating profit for the whole year of 2018 has not yet reached the expectation. This result, although not achieved in terms of numbers, but it really reflects the review process to find and resolutely cut down the inefficient businesses of FIT. FIT has shown the determination of the Board of Directors and the Board of Management in making FIT become a transparent group, bringing value to consumers, shareholders and investors.

In 2019, with the positive developments available from all activities such as Pharmaceuticals, Drinking Water, Cosmetics and Food, FIT expects to achieve the set objectives and make sudden improvements. With determination and persistent efforts, with the agreement of shareholders, in 2019, FIT set a plan to achieve 1,701 billion net revenue and 116.3 billion profit after tax. With what is being shown, FIT is gradually asserting the great potential of an effective investment finance group, adding value to shareholders through a wide range of investment advisory products and quality portfolio and quality professional personnel.