On January 29, 2024, Techno – Agricultural Supplying Joint Stock Company (TSC) officially released its consolidated financial statements for the fourth quarter and the cumulative year of 2023, with total revenues reaching 478 billion VND. Total assets were reported at 2,975 billion VND, marking a 9% increase from 2022.
2023 was identified as a challenging period for the global economy, characterized by declines in GDP growth, global trade, and investment while non-performing loans and inflation remained high. These challenges were tied to the tensions from geopolitical conflicts, technological fragmentation, surging energy prices, declining consumer spending and export orders.
In response to these complex and challenging global and domestic conditions, TSC has persistently endeavored to surmount these hurdles. Although business performance has not yet met expectations, both pre-tax profit (PTP) and net income (NI) showed signs of improvement compared to the previous year. The company’s business segments have developed according to the schedule and plan established at the beginning of the year:
In the drinking water segment: TSC’s drinking water business in 2023 recorded a 40% increase in NI compared to 2022. With the advantage of owning the unique Đanh Thanh natural alkaline mineral water source with the natural pH of 9.0, Khanh Hoa Mineral Water Joint Stock Company – a subsidiary of TSC, has vigorously conducted branding activities, enhancing brand recognition among consumers. The company’s products have been widely accepted across the country with more than 1000 distribution partners, including 173 supermarkets, 3600 convenience stores, 50 luxury resorts, over 70 four and five-star hotels, and well-established e-commerce platforms that hold daily offers of the company’s products. The products not only provide superior health benefits but also impress consumers by becoming a beverage that promotes positive energy in terms of balancing life, enducing a naturally healthy state via exceptional health care products and services.
In the cosmetics and household products segment: In 2023, FIT Cosmetics successfully launched its Tero bioproduct line, including biodegradable laundry detergent, dish soap, and floor cleaner, quickly winning consumer favor. These products, featuring multi-enzyme technology with 100% of enzymes sourced from Europe, set the trend for biotechnology in Vietnam. The success of the Tero bioproducts has underscored TSC’s strategy to develop products of natural origins, delivering premium, environmentally friendly consumer options that anticipate the trend of green consumption.
In the food segment: In September 2023, the construction of the Westfood Hau Giang Agro-Processing Food Complex Factory (Westfood Hau Giang Factory) commenced in the Song Hau Industrial Park, Hau Giang province, and it is expected to come into operation in Q1/2025. Upon completion, Westfood Hau Giang is expected to become one of the largest agro-processing factories in the Mekong Delta, supplying over 30,000 tons of internationally certified processed agricultural products annually for domestic consumption and export. The company has also partnered with Phung Hiep District, Hau Giang, to develop the King MD2 pineapple cultivation on a 2,000ha area over the next five years. The establishment of the Westfood Hau Giang factory is poised to boost Westfood’s raw material development initiatives, including not only King MD2 pineapple but also other agricultural products in Hau Giang.
Looking ahead to 2024, TSC plans to continue focusing its resources on segments where it holds competitive advantages and has long-term potential, specifically:
In the drinking water business: The company aims to improve and diversify its product range, enhance branding activities, expand its distribution network and customer base, and provide consumers with superior natural health care solutions.
In the cosmetics segment: The company remains committed to developing its Personal and Family Care brands with an emphasis on eco-friendliness and safety, led by the Tero Bioproducts brand.
In the food segment: Alongside the construction of the Westfood Hau Giang factory, the company aims to enhance the development of its core products like IQF, canned, and fresh King MD2 pineapple; while also exploring new product lines and markets in response to global export trends. The raw material development project will continue to expand the cultivation of King MD2 pineapple and other crops like papaya, Cat Chu mango, Kaew mango, to ensure the stability and quality of raw materials for export purposes.
Since joining the F.I.T Group, TSC has benefited from significant financial support as well as support in terms of adminstration and operations from its parent company. With a deep long-term strategy across its potential business segments and the determination and efforts of its management and staff to fulfill the established plans, TSC is gradually overcoming challenges and laying the foundation for a more sustainable development in the future.
