On January 29, 2024, F.I.T Corporation (ticker: FIT) unveiled its consolidated financial report for the fourth quarter of 2023, with total assets exceeding VND 7,724 billion.
Facing an uncertain economic landscape, F.I.T Group concentrated on closely following its action strategies while also innovating products, investing in factory construction, infrastructure, enhancing employee knowledge and experience, and implementing digitization across the Group.
By the end of 2023, F.I.T Group reached over VND 7,724 billion in total assets; consolidated net revenue for Q4 2023 exceeded VND 573 billion, a 20% increase compared to the same period in 2022 and reaching a peak over the past six quarters. After deducting expenses, pre-tax consolidated profit for Q4 2023 exceeded VND 56.5 billion, a 5.4-fold increase; post-tax consolidated profit for Q4 2023 was over VND 49 billion, nearly an 18-fold increase compared to the same period last year.
In the Pharmaceutical/Medical Equipment sector, by the end of Q4 2023, cumulatively from the start of the year, DCL achieved over VND 1,170 billion, a 13% increase compared to 2022; total assets increased from VND 2,105 billion to over VND 2,277 billion; equity capital rose from over VND 1,392 billion to over VND 1,451 billion. To achieve these results, DCL invested in expanding production lines and building new factories to meet the increasing quality demands of the market. 2023 also marked a strong digital transformation for DCL, a significant step in the company’s digitization journey. A clear strategy and development orientation in digital transformation have enhanced management work, efficient data use, supported the leadership in making crucial, accurate decisions, and established a solid foundation for implementing long-term strategies.
Beverage business: In 2023, the Group’s beverage business recorded a more than 40% increase in net profit compared to 2022. With the advantage of owning the only natural alkaline mineral water source in the country with a natural pH of 9.0, Danh Thanh, the Group and its subsidiaries vigorously engaged in brand activation activities, promoting brand recognition among consumers. The company’s products were welcomed in nearly all provinces and cities nationwide with over 1000 distribution partners, including 173 supermarkets, 3600 convenience stores, 50 high-end resorts, more than 70 4 and 5-star hotels, and reputable e-commerce platforms supplying the company’s products daily.
Cosmetics: In 2023, FIT Cosmetics successfully launched the Tero bioproducts line, including biological laundry detergent, dishwashing liquid, floor cleaner, quickly gaining consumer favor. These products use multi-enzyme technology, with 100% of enzymes from Europe, leading the biotechnology trend in Vietnam. The success of the Tero bioproducts affirmed the Group’s clear strategy with the goal of developing natural origin product lines, providing consumers with high-quality, environmentally friendly products, ahead of the Green consumption trend.
Agriculture – Food: In 2023, TSC achieved a revenue of VND 478 billion. Profit before tax and net profit both showed positive signals compared to last year. In the food sector, in September 2023, the Hau Giang Agricultural Food Processing Plant Complex (Westfood Hau Giang Plant) officially began construction in the Hau River industrial zone, Hau Giang province, and is expected to commence operations in Q1 2025. Upon completion, Westfood Hau Giang is expected to be one of the largest agricultural processing plants in the Mekong Delta, providing over 30,000 tons of internationally certified processed agricultural products annually for domestic consumption and export.
Based on the business results in 2023, F.I.T Group has set development goals for 2024:
In the Pharmaceutical field: Commit to maintaining growth in core business areas: empty capsules, pharmaceuticals, and medical equipment. The company expects to complete the installation of the HVAC system, connect the main machine line, and officially commission capsule line 5 for use in Q1 2024; continue to ensure the construction progress of the Benovas Medical Equipment Manufacturing Factory and the EU-GMP Pharmaceutical Factory, enhancing production capacity to meet domestic demand and aim for international markets.
In the Beverage business: Focus on improving and diversifying product lines, intensifying branding activities, expanding distribution channels and customer networks, offering consumers superior health care solutions, the essence of nature.
In the Cosmetics sector: Continue the strategy of developing Personal Care and Family Care product brands towards green, environmentally friendly trends, and safety for health when used, notably the Tero Bio brand.
In the Agriculture – Food sector: Restructure current industries towards reducing the proportion of business activities that are no longer strengths, continue to leverage activities that are effective for the company. Along with the construction of the Westfood Hau Giang plant, the company will continue to focus on developing products that are currently strengths of Westfood such as IQF, canned products, fresh MD2 pineapple… while also developing new product categories and new products that meet global export trends. For the raw material development project, the company will continue to expand the MD2 pineapple area and other raw materials such as papaya, Chu mango, Kaew mango… to stabilize the input material volume and quality for export purposes.
In the Real Estate sector, F.I.T Group aims towards the mid and high-end segments with practicality as a priority to create sustainable profits for the company.
