On April 29, 2021, Western Export Processing Joint Stock Company (Westfood) held the 2021 Annual General Meeting of Shareholders (AGM) in Hanoi.
The General Meeting approved the report on production and business results in 2020, business plan in 2021, audited financial statement in 2020; as well as other issues under the authority of the General Meeting of Shareholders.
2020 is considered a challenging year for Westfood due to the greatest impact from the COVID-19 pandemic. In order to overcome these difficulties, Westfood’s Board of Directors has invested in new machinery and technology to solve labor shortages, food hygiene and safety, as also meet the quality requirements of fastidious markets.
At the same time, the products are also restructured to suit the markets, easy to serve directly to consumers. Not only that, Westfood has focused on expanding the MD2 pineapple raw material area, the new pineapple product line is superior in both product quality and commercial value, helping Westfood receive the trust of long-term cooperation from major partners in the world such as Korea, Japan, Europe, America… Business results in 2020, Westfood recorded revenue of VND 292.33 billion, up 15.6% compared to 2019; profit after tax reached VND 19.57 billion, reaching 106.6 percent of the plan, up 163.7 percent compared to 2019.The critical task in 2021 is to boost up production capacity, expand investment to ensure large orders from foreign customers, then maintain stable business performance.
Westfood keeping on researching and cooperating with partners to launch new product lines. R&D activities invested consistently to create products with higher value-added content. At the same time, the Company plan to expand investment in the material area, especially the MD2 pineapple variety in order to enlarge the initiative and heighten the business profit margin with the development plan to 1,000ha.
In 2021, Westfood sets a target with net revenue of VND 346.7 billion; profit after tax of 32.26 billion dong, up 64.84% compared to 2020. The AGM also approved the plan to list Westfood’s shares on the stock exchange after the initial public offering (IPO), which implemented in 2021 – 2022. This is one of the important transformations, contributing to raise the long-term value for the company, leading Westfood to quickly become one of the top companies of exporting frozen, canned and plastic cups packaging fruit in Vietnam.It can be said that Westfood is currently having a robust transformation with outstanding strides. Besides, with great investment and clear strategic planning from the parent company, FIT Group, Westfood is on the way to develop commensurate with its inherent potential.
