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Kinh Do holds AGM

Released at: 18:23, 26/06/2015

Kinh Do holds AGM

Corporation to change name to Kido Group.

by Hung Nguyen

The Kinh Do Corporation (KDC) held its annual general meeting (AGM) on the morning of June 26 in Ho Chi Minh City.

In 2014 it recorded VND4.95 trillion ($226.9 million) in revenue, profit before tax of VND600 billion ($27.5 million), and profit after tax of VND537 billion ($24.61 million).

As at December 31, 2014, undistributed earnings to KDC’s shareholders were VND1.08 trillion ($49.5 million).

The Board of Directors proposed a dividend payout ratio of 10 per cent in cash, which would make the retained earnings of KDC stand at VND235 billion ($10.77 million). The first payout has been listed and paid out since May 20.

In 2015 the company targets revenue of VND3 trillion ($137.52 million), lower than the 2014 performance. Adding the earnings from selling Kinh Do - Binh Duong to the Mondelez Group, the company set a profit before tax target of VND6.5 trillion ($297.96 million). Earnings from this transaction will be used to re-invest in new products, buying treasury stocks, and paying extra dividends to shareholders, which the company said would be VND20,000 ($0.92) per share. After the transaction KDC will withdraw from the bakery field and the name of the company will be changed to the Kido Group.

KDC recently signed a memorandum of understanding to produce palm oil with Gelda Global Ventures (GBV) and the Indo-Trans Logistics Corporation (ITL).

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