On October 27, 2023, F.I.T Group Joint Stock Company (stock code: FIT) published its consolidated financial report for Q3/2023, with total assets exceeding VND 7,271 billion.
The global economy faced numerous difficulties and challenges in the first nine months of 2023, with most economies around the world experiencing lower-than-expected growth due to a decline in aggregate demand; inflation cooled down but remained high; monetary policy tightened, global public debt reached a record high, military conflicts between Russia and Ukraine escalated, political and security instability, food security issues, natural disasters, and climate change intensified. International organizations forecast that the global economic growth in 2023 will slightly increase compared to previous estimates due to predicted improvements in the last six months of the year, but still lower than the growth rate in 2022, ranging from 0.1 to 1 percentage point.
Facing this context, F.I.T Group has focused on adhering to the strategic actions set out from the beginning of the year, while improving products, investing in building factories and infrastructure, and enhancing the production and business capabilities of its staff. The total assets from the beginning of the year to the end of Q3/2023 increased by over VND 273 billion, from VND 6,998 billion to over VND 7,271 billion.
In the pharmaceutical/medical equipment field, revenue for the first nine months of 2023 recorded VND 774 billion, exceeding 13% compared to the same period last year. DCL’s branded products are increasingly asserting their reputation among consumers. On August 19, 2023, DCL’s Cefixim 200 brand was honored in the Top 10 quality products of 2023, organized by the Consumer Protection Center and the Institute of Economics & Culture. This is a deserved recognition for DCL’s efforts on its journey to improve and enhance the health of Vietnamese people.
In the beverage business field, the Group’s beverage business recorded a 52% growth in net profit for the first nine months of 2023. Brand activation activities were strongly deployed, promoting brand recognition among consumers, especially the natural alkaline mineral water brand Vikoda. The company’s products are present in major supermarkets nationwide such as CoopMart, Circle K, Big C, GS25, Bách hóa xanh, and on e-commerce channels like Shopee, Tiki, Lazada, and Sendo.
In the cosmetics field, the bio-Tero products quickly gained consumer’s affection after a short time on the market, contributing to the green consumption trend through the use of safe, enzyme-based bio-detergents that ensure the health of the whole family.
In the Agriculture – Food field, TSC recorded VND 347 billion in revenue for the first nine months, equivalent to 36.2% of the annual plan. Net profit showed signs of improvement compared to the same period last year. In the food sector, on September 27, Westfood held a groundbreaking ceremony to build the Hau Giang agricultural and food processing plant complex (Westfood Hau Giang factory) with a total investment of over VND 666 billion and a capacity of 30,000 tons of finished products per year. It is expected that once operational in Q1/2025, the Westfood Hau Giang factory will create jobs for thousands of workers.
In the real estate field, after a period of research and consideration among options, on July 29, 2023, FIT Land officially approved the transfer of 22,000,000 shares of Mui Dinh. In Q3/2023, FIT Land divested all of its shares held at Mui Dinh, officially exiting the Cap Padaran Mui Dinh project in Ninh Thuan. Although this event affected FIT Land’s Q3/2023 financial statements with a loss of (VND 177.9 billion), it was a timely decision of F.I.T Group in the context of the recovering resort real estate market post-Covid-19, but it will still take many more years to truly resolve the significant macro challenges.
Based on the positive business results in the first nine months of 2023, F.I.T Group has set long-term development goals:
In the pharmaceutical field: Focus on manufacturing and business of strategic products such as empty hard capsules, pharmaceuticals, and medical equipment. Continue to build Benovas medical equipment factory with European-standard products, laying the groundwork for DCL’s global market integration.
In the beverage business field: With the advantage of owning the rare alkaline mineral spring in Danh Thanh, Vikoda will continue to expand and enhance brand recognition among consumers, especially the natural alkaline mineral water brand Vikoda.
In the cosmetics field: Continue to develop product brands for personal and family care following the green, sustainable trend that is environmentally friendly and safe for health, such as the bio-Tero brand with European enzyme technology, offering superior cleaning efficiency and absolute safety for both adults and children.
In the Agriculture – Food field: Restructure current industries towards reducing the proportion of non-core business activities, continue to promote effective activities for the company. Increase the export of processed fruits to the world market, develop projects to expand raw material areas, laying the groundwork for supplying raw materials to the fruit processing factories for export in Can Tho and Hau Giang.
In the real estate field: After divesting from the Cap Padaran Mui Dinh project, FIT Group aims to focus on the mid-range and high-end real estate segments, prioritizing practicality and aiming to improve the quality of life for the community.
