On June 19th, 2020, Can Tho Agricultural Materials and Joint Stock Company (TSC) successfully organized the Annual General Meeting of Shareholders (GMS) 2020 in Hanoi.
The Meeting approved the Report on business results in 2019 and business plan in 2020; as well as other issues under the authority of the General Meeting of Shareholders. The year 2019 is considered to be a year of positive changes and initially gained achievements from the restructuring of TSC. Specifically, although TSC’s total revenue in 2019 was only VND 416.8 billion, equivalent to 56% of the plan, the profit after tax of TSC was converted from a loss to profit, reaching VND 0.7 billion, increased VND 31.4 billion – compared to 2018, the parent company’s profit after tax in 2019 also recorded VND 1.4 billion, 75% higher than the target..
In 2019, despite coping with many difficulties in the agricultural and food business, due to the general situation of Vietnam’s agricultural products, the company has to tighten its export activities to China. The company had to proactively narrow its agri-product business to reduce market risks; Westfood – a subsidiary of TSC is also heavily affected by severe drought in the southern provinces and the historic storm in late 2019; Yet in consumer goods, TSC through its subsidiary – F.I.T Consumer JSC – invest in two associated companies, Khanh Hoa Mineral Water JSC (Vikoda) and F.I.T Cosmetics JSC, which have brought positive results. 2019 is the year marking Vikoda’s new milestone, when the revenue increased by one and a half to VND 300 billion, profit before tax reached VND 20 billion, an increase of 20 times compared to 2018. FIT Cosmetics also recorded positive changes. This is reflected in the after-tax profit increased by VND 21.2 billion compared to 2018.
In the domestic market, Westfood has started distributing products to major supermarket chains, the expansion of MD2 pineapple material area has also been recorded to be flourishing, helping Westfood increase its competitive advantage compared to other businesses in the same industry.By 2020, TSC has set a target of VND 525.8 billion in revenue and VND 32.6 billion in after-tax profit. Accordingly, the parent company’s business activities in 2020 will continue to be restructured towards reducing the proportion of industries that are no longer a strong point, continuing to promote effective activities for the company.In the food segment, TSC and its subsidiaries will continue to invest in expanding the development of raw materials and promoting research and development of new products with higher added value, concurrently promoting brands in the domestic market through penetration of products into the system of supermarkets and large convenience stores such as Coopmart, Lotte, Emar, Circle K, 7eleven …
In consumer goods, TSC will continue to invest in depth into this category, bringing FIT Consumer and associated companies to the ranks of leading FMCG businesses.Besides the consultation and strategic investment from the parent company – FIT Group Joint Stock Company, TSC promises to have more resources to overcome all difficulties and accomplish the objectives set for 2020, gradually conquering markets in business segments, continuing to rise and develop sustainably in the future.
