GC Food made a big profit in the third quarter

On October 25, G.C. Food Joint Stock Company (GC Food) announced its consolidated financial report for the third quarter of 2023, with net revenue reaching VND 131.5 billion, an increase of 19% over the same period last year. Profit after tax reached VND 12.5 billion, up 343% over the same period.

Also in the third quarter, GC Food reduced financial costs by 13% and sales and management costs by 9%.

Accumulated for 9 months, GC Food achieved a net revenue of VND 366 billion and a profit after tax of VND 23 billion, up 17% and down 3%, respectively, over the same period last year.

Explaining the strong increase in third-quarter business results, Mr Nguyen Van Thu, Chairman of the Board of Directors of GC Food said the enterprise's export activities face many advantages. Main markets such as Japan and Korea increased their purchases of coconut jelly products from the company, pushing revenue to increase compared to the same period last year and increasing dramatically compared to the second quarter.

According to Mr. Thu, Vietnam's coconut industry benefits when markets increase purchasing quotas. In recent research from Japan, coconut jelly is good for the digestive system, so it is popular with consumers in this country. In the first nine months, coconut jelly exports to Japan and Korea increased by 31% over the same period last year.

In addition to the export market, GC Food's coconut jelly and aloe vera are also increasingly purchased by dairy industry giants in Vietnam to make many healthy fruit drink products, promoting favorable sales.

Mr Thu said that GC Food aims to reach the organic product category in the coming time. Currently, the business is planning to link with farmers to plan organic coconut growing areas, increasing the value of farmers' coconuts. At the same time, the company is focusing on restoring aloe vera growing areas to move towards green, sustainable raw material areas.

According to Vietnam trade offices in other countries, coconut and coconut products, including coconut jelly, have great export prospects. Vietnam is one of the largest coconut exporters in the Asia-Pacific region with export turnover reaching $ 900 million in 2022 and expected to reach $ 1 billion this year.

In addition to exporting to 19 markets around the world, a representative of GC Food said there will be a plan to export to the Chinese market.

To increase output, the Vinacoco factory (Subsidiary of GC Food) will invest in increasing coconut jelly production capacity to 20,000–30,000 tons a year, increasing competitiveness with coconut industry businesses from Thailand and Cambodia.

GC Food has been in the aloe vera and coconut jelly industry for more than 10 years and is the leading enterprise in the Vietnamese market with an output of more than 20,000 tons per year, exporting to 19 countries around the world, especially sophisticated markets.

This enterprise owns the Vietfarm aloe vera processing factory (Ninh Thuan) with a capacity of 35,000 tons of fresh leaves per year, producing 15,000 tons of finished products, and is known as the "king of aloe vera".

In addition, this enterprise also has a Vinacoco coconut jelly factory (Dong Nai) with a capacity of about 12,000 tons of finished products a year.

Previously, on December 20, 2022, GC Food was officially listed on UPCOM with the stock code GCF, 26 million shares, and a registered trading value of VND 260 billion.