On June 26th, 2020, F.I.T Group Joint Stock Company held an Annual General Meeting of Shareholders (GMS) 2020.
The Meeting approved the report on business results in 2019 and business plan in 2020; Audited financial statements 2019; as well as other issues under the authority of the General Meeting of Shareholders with the high consensus of the shareholders attending the meeting.
2019 – Profit after tax increased by 988.6%
The year 2019 marked prosperous business results after a process of restructuring member enterprises and brought about results in many aspects. In 2019, the Group proactively cut out ineffective areas and products, which lead to a slight decrease in revenue compared to 2018, but the total profit before tax was recorded at VND 120 billion, up 1800% compared to 2018; The consolidated profit after tax also reached VND 92.1 billion, up 988.6% compared to 2018. Confidence in the future shareholder value is strengthened when the EBITDA index in 2019 reached VND 245 billion, nearly double that of 2018 at 140 billion dong.
In the field of Pharmaceuticals, in 2019, although business activities still faced many obstacles due to the difficult situation of the pharmaceutical industry, Cuu Long Pharmaceutical exceeded the set plan of profit and increased significantly compared to the year 2018 (585%). At the end of 2019, Cuu Long Pharmaceutical completed the transfer of Euvipharm to JW Pharmaceutical Corporation, bringing in a cash flow of 191 billion, helping Cuu Long Pharmaceutical confidently deploy future projects. The production of empty capsules has always been an advantage of Cuu Long Pharmaceutical, the new production lines had to operate at full capacity of 3 shifts, raising the capacity to 3 times but still not meeting the needs of customers. ETC business performance also improved markedly when focusing on products with high profit margins. The medical supplies segment also achieved the set plan, achieving 9.5% growth compared to the previous year.
In the Food sector, in the first half of 2019, especially in the second quarter, Westfood achieved impressive profit results, exceeding the set targets and growing more than 40% in profit. By the second half of 2019, due to the severe drought in the southern provinces and the historic storm in late 2019, causing many kinds of fruit failures, the price of input materials has been pushed up, which has impacted on the profits of food business.Despite many difficulties, Westfood still emits a positive signal when the testing of MD2 pineapple varieties is successful, helping Westfood to be proactive in raw materials, product quality, and cooperation with partners to deliver new product lines, promoted to pave the way for revenue growth in the following years. In the fast-moving consumer goods industry, 2019 witnessed the remarkable growth of the water industry. Beverage revenue grew by over 33%, helping to improve profit before tax and after tax. Profit before tax soared from 290 million in 2018 to 20.2 billion in 2019.
In the field of real estate, the investment in Mui Dinh Ecopark helped the resort real estate project receive the Cityscape Award – the most prestigious award recognizing and honoring outstanding achievements in development and real estate architecture, FIT Group is affirming its ambitious market in this field.
2020 – Confident to expand production and business activities
In accordance to present performances, F.I.T and its subsidiaries have shown the right development strategy of the company and the first achievements of the restructuring process. In 2020, F.I.T Group is determined to take bolder steps with challenging goals for the whole group as well as its subsidiaries to make further breakthroughs. Specifically, the 2020 plan is set with net revenue from business activities of VND 1,383.5 billion, up 16% compared to 2019, total profit before tax of VND 171.3 billion, up 43% compared to 2019. Although the Covid epidemic has a strong and profound impact on the whole economy and in almost industries, in the Pharmaceutical segment, FIT Group is still fully confident in the plans to expand the manufacturing medical supplies factories, improving the expansion of capsule factory 4, initially developing the project to build a GMP-EU pharmaceutical factory. In areas such as Agriculture – Food, F.I.T will expand its investment in raw material areas to increase the initiative and improve its profit margin. With FMCG products, R&D will be focused on resources to develop superior products, bringing the Group’s subsidiaries to the ranks of the strongest enterprises in FMCG industry.
Owning the ambition to become a billion-dollar enterprise in basic commodities, the Board of Directors and also all employees will continue to make every effort to create a solid growth for the Group in the long term, operating at the right core value that aimed to build FIT Group to become an effective investment group, to add value to shareholders, through a series of diversified investment consulting products, quality portfolio, and professional personnel.
