In spite the fact that the year 2020 is heavily affected by the Covid-19 pandemic, F.I.T Group Joint Stock Company (FIT Group) still made a profit. It’s expected that 2021 will be a great step forward to bring the corporation to a new stage of development at a high level.
FIT set the 2021 growth target with the total profit before tax of past 212 VND exchange rate
Robust profit growth during Covid year
Overcoming the difficulties caused by the prolonged heavy impact of the Covid 19 pandemic, in 2020, FIT Group and the subsidiaries both maintained growth and achieved positive business results, recorded profits increased speedily compared to the same period last year. Particularly, the Group’s revenue in 2020 is estimated at over VND 1,178 billion and pre-tax profit is over VND 107 billion. Many subsidiaries of the enterprise achieved very high profit growth. The first is Cuu Long Pharmaceutical Joint Stock Company (DCL) – production and business results achieved a record profit in the fourth quarter of 2020 of about VND 40 billion. In general, in 2020, DCL has a revenue of over VND 661 billion, a profit of nearly VND 200 billion, and pre-tax profit of over VND 90 billion. In the field of processed foods, Mien Tay Food Processing Joint Stock Company (Westfood) accomplished 109% of pre-tax profit. WF owns MD2 pineapple variety that is superior in quality and productivity, in 2021 the company is awaited to plant and harvest at least 250 hectares of pineapples and develop 1,000 hectares of new material areas.
Breakthrough target in 2021
It is known that along with the dividend rate in 2020 which is planned to be submitted to the 2021 General Meeting of Shareholders at the end of April, it is expected that at this year’s Annual General Meeting of Shareholders, the Board of Directors of FIT will also put forward to shareholders the production and sales targets in 2021 with net revenue from business activities reaching over VND 1,300 billion, increasing by over 12%; total profit before tax is over 212 billion VND, up nearly 50% compared to 2020. Setting the target to accelerate the implementation of the Group’s restructuring in the period from 2018 to 2020, 2021 is considered to be the year FIT will reap the fruits of the restructuring process.
Along with this goal, FIT has a basis to expect 2021 to become a year of solid growth for the Group from the outstanding growth of member companies including Cuu Long Pharmaceutical (DCL), Westfood, Vikoda and FIT real estates. In the pharmaceutical production segment, at the end of March, DCL has just started construction of Benovas Medical Equipment Factory in Vinh Long province to ensure the great supply of medical consumables, especially syringes. Factory construction project has a total investment of about 15 million USD, divided into 2 phases, phase 1 has a designed capacity of 35 million products/month; Phase 2’s capacity of 20 million products/month including: Syringes, needles, infusion lines, saber needles, intravenous needles, etc., meeting CE standards of Europe and FDA of the U.S.
According to the Board of Directors of the Company, after going into operation in the first quarter of 2022, the products of Benovas Medical Equipment Factory not only comply the needs of customers better, but also contribute to providing a large number of medical equipments for Covid-19 vaccination which is being deployed at present. Besides, these products will be exported to European and US markets. Prospective revenue of Benovas Medical Equipment Factory reach VND 500 billion by 2025.
Also in this potentially stable segment, in 2021, DCL operates Capsule 3 Factory at 100% capacity, then currently installing Capsule Factory 4, planned to launch products in the beginning of Q2/2021. Besides, Currently, DCL – MA holder of cancer drugs widely circulated on the market, has been granted a visa by the Drug Administration (Ministry of Health) and map out to distribute products from mid-2021. In 2022 , DCL is also expected to start construction of GMP-EU pharmaceutical factory.
Therefore, in 2021, DCL sets a revenue target of VND 980 billion, up 50%, profit before tax of VND 164 billion, up 116% compared to 2020. In the food and beverage processing segment, in 2021, Vikoda Beverage Production Company aims to achieve revenue of over VND 410 billion, gross profit of over VND 177 billion, an increase of nearly 50% compared to 2020.
For Westfood, in 2021, the Company sets a target of over VND 246 billion in revenue in 2021 and nearly VND 80 billion in gross profit. The company will continue to develop key products in the form of OEM: IQF, cans, plastic cups and other processed fruit products. Besides, firmly grasp and expand market share in high-end, high-income markets such as Japan, Korea, Europe, America; Australia; developed Asian countries; especially the European market.In real estate field, in June 2021, the Board of Directors of Mui Dinh – a subsidiary of FIT Group is to start the construction of Mui Dinh Paradan Eco-tourism Area, promising to be one of the most potential resort projects that bring about numerous benefit as also high economic efficiency for the business.
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