(vasep.com.vn) Cholimex Food Joint Stock Company (Cholimex Food JSC) has released its 2011 business report and its operation plan in 2012 at the company’s Annual General Meeting of Shareholders on 24th April 2012.
Compared to the previous year, in 2011, Cholimex had to struggle with more financial challenges which had direct impacts on the firm’s business. Prices of raw shrimp up 15 – 20 percent; other ingredients (vegetables and fruits) up averagely 10 percent; high fuel price leading to a 10 percent rise in transportation cost, and packaging cost also up 10 – 15 percent.
Ho Chi Minh City-based firm has made great efforts to reach and exceed its yearly target. In 2011, Cholimex earned VND506 billion of turnover, up 10 percent from the 2011 target and up 29.4 percent from 2010. Post-tax profit reached VND34.8 billion, equal to 121 percent of its 2011 plan and up 28.9 percent from 2010. These results showed the effectiveness in Cholimex’s business. At the meeting, shareholders agreed to increase dividend yield from 20 percent to 22 percent.
In 2011, besides traditional markets like the EU, South Korea, Japan and Australia, Cholimex has been looking to new markets such as Israel, Lebanon, Turkey, the Philippines and Cuba. These are potential markets for fish sauces products. Cholimex’s earnings mainly came from frozen food items, accounting for a proportion of 86 percent in overall export revenue and up 33 percent from 2010. Domestic sales were VND293 billion, equal to 113 percent of the yearly plan and up 31 percent from 2010.
In 2012, Cholimex will provide 62 million of processed food bottles (with bottle of 250ml) and 2,100 thousand MT of seafood and processed products. The company aims to generate VND620 billion of turnover and US$12.8 million of total export revenue, bringing VND47 billion of profit before tax, VND37.6 billion of post-tax profit. The dividend yield will be set at 20 percent.
Website: www.cholimexfood.com.vn