TSC GMS 2020: Restructuring persistantly the business system, promoting effective business segments

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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, although there are still many difficulties in the business of agricultural products and food, due to the general situation of Vietnamese agricultural products being tightened, the export of goods to China, the company has to actively reduce agribusiness to minimize risks from the market; Westfood – a member company of TSC was also heavily affected by the severe drought in the southern provinces and the historic storm at the end of 2019; But in the consumer goods segment, TSC through its subsidiary, F.I.T Consumer JSC, invested in two associated companies, Khanh Hoa Mineral Water JSC (Vikoda) and F.I.T Cosmetics JSC, both of which brought positive results. 2019 is a year marking a new milestone of Vikoda, when revenue increased by half to 300 billion VND, profit before tax reached 20 billion VND, an increase of 20 times compared to 2018. F.I.T Cosmetics also recorded positive changes. reflected in profit after tax compared to 2018 increased by 21.2 billion dong. In the domestic market, Westfood has started distributing products to large supermarket chains, expanding the MD2 pineapple material area has also been successful, helping Westfood increase its competitive advantage. compared to other companies in the same industry.

Entering 2020, TSC has set a target with net revenue of VND 525.8 billion, profit after tax of VND 32.6 billion. Accordingly, the parent company's business activities in 2020 will continue to be restructured in the direction of reducing the proportion of industries that are no longer strengths, and continue to promote effective activities for the company. In the food segment, TSC and its subsidiary will continue to invest in expanding the development of raw materials and promote research and development of new products with higher added value, while promoting the brand in the market. in the domestic market through product penetration into the system of supermarkets and large convenience store chains such as Coopmart, Lotte, Emar, Circle K, 7eleven... In the consumer goods segment, TSC will continue to invest in depth. into this industry, bringing F.I.T Consumer and its affiliated companies to the ranks of the leading companies in the FMCG industry.

With consultation and strategic investment from the parent company - F.I.T Group Joint Stock Company,  TSC promises to have more resources to overcome all difficulties, complete the set goals for 2020, gradually conquer market in business segments, continue to rise and develop sustainably in the future.

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