Tuong An Vegetable Oil Joint Stock Company has reported a 34.2 per cent year-on-year jump in profit before tax in the second quarter to VND63 billion (US$2.7 million). Net sales grew by 4.7 per cent. The gross profit margin increased from 9.1 per cent to 10.9 per cent.
The company attributed the increase in profitability to a change in its product strategy to focus on higher margin products. It said it would be launching new oil products that are nutritious and healthy in the second half of 2017 to cater the ongoing increase in demand and consumers’ expectations.
The company also plans to introduce new packaged products this quarter as part of its larger strategy to increase utilisation of its distribution network.