Agriculture company Vitarich Corp. on Tuesday unveiled an expansion program that includes establishing a new animal feed mill in Davao City and expanding the capacity of existing plants to meet the increasing demand for food and animal feed.
Vitarich president and chief executive Ricardo Manuel Sarmiento said the new animal feed mill would be operational by July this year.
“We will also double the capacity of our Davao dressing plant from 471,000 heads to 942,000 heads per month,” Sarmiento said.
The company is in the process of expanding and automating its Iloilo feed mill in the Visayas, effectively doubling its capacity to produce animal feed, from an average of 93,600 50-kilogram bags per month in 2016 to around 187,200 bags a month this year.
Vitarich said in Luzon, its toll partners also expanded to double the company’s production capacity by 67 percent for animal feeds and 40 percent for aqua feeds.
The company said in line with the expansion plan, it was now looking for partners and end-customers with the same mindset to expand the company’s sales and distribution network.
“We are looking for more contract growers in the Visayas area as well as more chicken breeders and hog breeder farms in Luzon to meet the increased demand for food products,” Sarmiento said.
“We have also set in motion a program to enhance our Cooks brand by introducing new quality products that are designed to penetrate new market segments and a new packaging that underscores the brand’s improved quality,” Sarmiento said.
Vitarich’s net income in the first quarter grew 25.26 percent to P47.6 million from P38 million in the same quarter last year. This was also up by 172 percent from a full-year net income of P17.5 million in 2016.
The company also registered gross profits of P195 million in the first quarter, or 26.38 percent higher than P154.3 million a year ago.
Consolidated sale of goods amounted to P1.56 billion in January to March, up by 33 percent from the P1.17-billion in the first quarter of 2016.
“Vitarich’s record performance in 2016 effectively fuels the company’s growth plans for the coming year and beyond,” Sarmiento said.
