From the world’s largest banana corporation, look at billionaire Tran Ba Duong’s $1 billion export ambition
At the end of 2021, THACO president Tran Ba Duong said THAGRICO – the company in charge of THACO’s agriculture sector – had planted more than 16,000 hectares of fruit trees of all kinds in Cambodia, of which more than 10,000 hectares of bananas, 4,000 hectares of mangoes, etc. 300 ha of pineapple for breeding and more than 2,000 ha of other fruit trees. THAGRICO has converted a large part of the area of oil palm and rubber trees to new planting of main fruit trees such as banana, baby, mango and breeding cows.
Mr. Duong expects the export value of bananas to reach 1 billion USD and Cambodia will be the second largest banana exporter in the world.
For this fruit, Dole Food is currently the most successful business enterprise.
Dole Food, formerly the Cooke and Castle company, was established in 1851 in Hawaii, USA, specializing in food sugar business and continuously expanding its production and business for many years. In 1901, Harvard student James Dole founded the Hawaiian Pineapple Company, which just four years later sold 25,000 boxes of canned pineapple.
By the end of the first world war (in 1918), the company had become the world’s leading producer of canned pineapple with an output of 1 million cases per year; The Dole brand appears on the company’s product packaging. However, like many other businesses, during the Great Depression, Dole’s company encountered difficulties, especially when their new product, pineapple juice, did not achieve the expected success. As a result, Dole had to sell a third of his company to Cooke and Castle. In 1932, the company continued to lose 5 million USD and had to sell an additional 21% stake to Cooke and Castle itself, becoming the main business unit of this business.
Image of Dole Food’s predecessor company (Photo: Hawaii Education)
Not stopping there, this company continued to acquire one of the leading banana importers in the US at the time, Standard Fruit and Steamship, thereby diversifying products. The company set up banana farms in the Philippines to serve the East Asian market, and banana products are labeled Dole. In addition, they also expanded to sell fruits such as oranges, tangerines, canned macadamia nuts, vegetables…. The company continued to acquire WestFoods, the leading mushroom producer in the United States, and encroached on the market. The yard added a whole array of nutritional foods, expanding the scale many times over.
However, Cooke and Castle’s financial situation was not very bright at this time with huge debts, forcing them to merge with Flexi-Van – a transportation equipment rental company. The owner of Flexi-Van also became the chairman and CEO of Cooke and Castle, continuing the strategy of expanding and growing the Dole fruit brand. In 1991, the company officially changed its name to Dole Food, focusing on exporting bananas, pineapples and clean vegetables. By 1995, the Dole brand was present in 90 countries around the world with about 170 products from fruits and plants.
In 2013, the company again ran into financial problems, leading to the sale of its packaged food business to Itochu. From that time until now, the company has only focused on fresh food and vegetables, with the most emphasis on bananas and pineapples. The company is one of the leading producers for these two fruits worldwide.
Among the company’s strong fruit, banana is the leading fruit. According to Dole Food’s 2018 figures, revenue from the banana business accounted for 44% of the company’s total global revenue. Although the fruit is relatively easy to grow, the output is stable throughout the year, but the price of bananas is unstable and seasonal, usually higher in the first half of the year and lower in the later period.
This is why, although it is quite easy to grow and harvest, it is quite difficult to make a profit from banana trees; It took many years for Hoang Anh Gia Lai company in our country to “tame” the banana, bringing profit to the business after a relatively poor period with this tropical fruit. Thaco of billionaire Tran Ba Duong, after many years of accompanying HAGL Agrico, has finally obtained sweet fruit thanks to his patience with partners as well as with banana trees.
Dole Food’s revenue in 2018 mainly came from bananas (Photo: Statista)
By the end of the third quarter of 2021, fresh fruit, especially bananas, still accounted for a large proportion of Dole Foods’ revenue. The company’s total revenue by the end of this period reached $7.4 billion, of which $2.2 billion came from fresh fruits and $2.6 billion came from other fresh foods, up 4.5% year-on-year. last year.
Their profit after tax also reached 131.6 million USD, up 22.5% compared to the end of the third quarter of 2020. These relatively impressive numbers were achieved after Dole Food merged with Total Produce, the holding unit. 45% of their shares from 2018.
Dole Food’s business results in the third quarter of 2021 are relatively good (Photo: Dole Food)
Currently, Dole Food is headquartered in Dublin, Ireland after the merger with Total Produce. The company sells products to consumers in nearly 100 countries with 300 types of products from natural fruits and vegetables and is on the way to recover from the impact of the Covid-19 epidemic. They continue to be one of the leading companies in the world. the leading banana and pineapple trading companies in the United States and around the world, after conquering the banana – one of the close but extremely difficult fruits to make a profit. This shows that Hoang Anh Gia Lai’s many years of efforts are very remarkable, when they finally partly master bananas and can export to many countries around the world like what Dole Food has been doing. excellent job.
at Blogtuan.info – Source: cafebiz.vn – Read the original article here