On June 30th 2017, Westfood AGM has been taken place successfully. The company plans to reach revenue and profit after tax of 355 bio and 27.48 bio respectively.
In 2016, Westfood invested significantly in replacing, upgrading the facilities to expand the capacity; restructured the business and strengthen its network in oversea market such as Japan, Korea, US, EU, Austrilia. Beside, it started to penetrate the domestic retail sector via chains such as Lotte, Lan Chi Mart, FIVI Mart as well as via FIT Trading distribution network.
In 2016, Westfood rapidly renewed the product portfolio to catch up with various markets demand. For better controlling raw material price and sufficient quantity, Westfood have signed contracts with farmers and wholesalers; the management team also arranged the factory to have a lean and smart production process to save cost and enhance the competition with rivals from Thailand.
Westfood also contributed capital into its subsidiary Westfood Hau Giang JSC for a longterm vision in expanding production capacity to be in a position to answer growing demand from local and multinational partners.
The success of planting MD2 pineapple in local area is expected to bring the opportunity for Westfood to develop its own material zone from 2017, which may solve the bottle neck in raw material supply for Westfood in coming time.
As a result of efforts, 2016 revenue of Westfood reached 296 bio, increase 12% compare to 2015.
In 2016, the market of iqf and canned fruit was fierce, Westfood was not only competing to current rivals but also new players who transformed their business from processing seafood. What create new challenges from both purchasing material and exporting products.
Facing this situation, Westfood has strengthened itself by recruiting qualified staff in line with its new business strategy, especially in sales. These effort have helped the company to sustain its current customer portfolio and developing new customers, generate a growth rate equivalent to 12% comparing to 2015.
Regarding the business strategy in 2017, the management board has set orientations to promote sales activities in key markets such as Japan, Korea, USA; strengthen the market development, apply flexible sales policies, develop sales team; participating exhibitions in Germany, France, Japan, USA and actively participate in B2B conferences to promote products, Brand and image of Westfood.
In addition to developing the market, the management invests more in research and development to reform the quality of frozen products matching diverse needs of customers, especially directly distribute to retail customers. At the same time, the Board of Directors also co-operated with the Board of Investment to improve the production capacity of new products for bigger opportunities on the market. For sustainable development, it is important to start and expand the cultivating area.
With such plans, it is expected that in 2017, Westfood's net revenue will be 355 bio dong and profit after tax profit will be 27.48 bio dong.
In addition, at the meeting, the Board of Directors and shareholders approved the proposal on profit distribution method, the remuneration of the Board of Directors and the Board of Supervisors in 2017, and
The proposal on the selecting auditor for 2017 financial year.
With a consistent orientation and long-term business development strategy from FIT- the parent company, Westfood expects to achieve target in 2017 business plan and set a solid miles stone for the coming years.