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Friday, September 30, 2022

Dairy firm IDP makes foray into real estate market

The Saigon Times

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HCMC – International Dairy Products JS Company (IDP) has established a new subsidiary in the real estate sector, Green Light Investment JSC, marking the dairy firm’s entry into the sector.

Green Light Investment Company, which is located in HCMC’s District 1, has its charter capital of VND500 billion, with a 99.98% stake owned by IDP.

The IDP board of directors authorized IDP deputy general director Chu Hai Yen and the firm’s chief accountant Phan Van Thang to represent IDP to take charge of the company’s stake in Green Light.

During the first half of 2022, IDP saw its revenue rising 17% and after-tax profit improving 11.5% year-on-year at over VND2.7 trillion and some VND452 billion, respectively. Its gross profit margin dipped from 43.5% to 40%.

The dairy company looks to gain VND5.5 trillion in net revenue this year, up 14% versus the 2021 figure. However, IDP projects its after-profit will edge down 45% at VND452 billion.

Established in 2004, IDP has launched its major dairy products such as LiF, Kun, and Bavi and now operates three manufacturing plants in Chuong My, Ba Vi in Hanoi and Cu Chi in HCMC.

The firm began listing its IDP shares on the Unlisted Public Company Market (UPCoM) on January 7, 2021.

Closing the trading session today, August 29, IDP moved sideways at VND156,400.

On the Hochiminh Stock Exchange, the benchmark VN-Index shed 11.77 points, or 0.92%, over the session earlier at 1,270.8, with only 73 winners and up to 399 losers.

Turnover on the southern bourse improved over 26% in volume and nearly 28% in value compared to the previous session at around 845 million shares and more than VND20.5 trillion. Shares traded in block deals contributed over VND1.7 trillion to the overall value.

Fuel and fertilizer stocks stole the limelight as they bucked the market downtrend to close at their upper limits or intraday highs. Among them, GAS inched up 2%, PVD surged 7%, and DPM advanced 6.8%.

The HNX-Index of the Hanoi market lost 3.96 points, or 1.32%, against last Friday at 295.54, with 51 advancers and 153 decliners.

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