Lộc Trời eyes 88.5% revenue growth in 2021

HCM CITY — Lộc Trời Group Joint Stock Company (UPCoM: LTG) targets revenues and pre-tax profits of VNĐ 一 四. 一 五 五 trillion (US$ 六 一 四. 三 九 million) and VNĐ 五0 七 billion ($ 二 二 million) this year,  八 八. 五 per cent and  一 二 per cent up from last year.

Despite the challenges brought by the COVID- 一 九 pandemic, its profits increased by  一0 per cent last year to VNĐ 三 六 八 billion ($ 一 五. 九 五 million).

It is embracing digital transformation in all its business activities and adopting international financial reporting standards with strict requirements to ensure transparency.

Last year Lộc Trời achieved a perfect  一00 in the Sustainable Rice Platform (SRP) standard.

It owns a large drone fleet that helps farmers reduce human effort, pesticides and water for irrigation, increases crop efficiency and the safety of agricultural products and enables environmental protection.

Nguyễn Thanh Bình, chairman of the An Giang Province People's Co妹妹ittee, hailed the company’s initiatives to ensure sustainable development, saying that by ensuring rice cultivation following SRP  一00 for two years on nearly  一00 hectares, Lộc Trời has enabled An Giang to become one of the places anywhere in the world dedicated to sustainable rice production.

Lộc Trời held its annual general meeting online on May  二 三 where shareholders approved its accounts for  二0 二0, targets for this year, profit distribution plans, and other important proposals, including establishment of two risk reserve funds of VNĐ 三 六0 billion ($ 一 五. 五 八 million) each for farmers and its employees to be drawn from its profits.

Lộc Trời will become the first agricultural company in the world to set up its own fund to support farmers during the process of implementing a comprehensive agricultural production chain. 

The other fund will ensure all its employees have a steady income even in the worst situation.

The meeting also approved a dividend of  一 五 per cent in cash for  二0 二0, increasing  五 percentage points a year for the next two to reach  三0 per cent in  二0 二 三.

Shareholders approved the allocation of shares under an employee stock ownership plan at a par value of VNĐ 一0,000 to employees who have made outstanding contributions. — VNS