LISTED Vitarich Corp. is planning to expand its network of farm product plants through partnerships, its top official said on Monday.
“We are actually in the middle of planning for our road map, and we are identifying the areas for growth… possibly [in] North Luzon,” Vitarich President and Chief Executive Officer Ricardo Manuel M. Sarmiento said in an interview with ANC.
Mr. Sarmiento added that the company’s planned manufacturing site would “not necessarily” be company-owned as it eyes partnering with local businesses.
“Part of our strategy is to partner with other businessmen, especially localized in the region. That usually is a good mix,” he said. He did not give out further details on the company’s expansion plans.
The company currently has two feed mill facilities and a poultry dressing plant in Central Luzon, a feed mill and a dressing plant in Davao, and another feed mill in Iloilo.
“These are the ones that are company-owned,” he said.
“But in other regions, like Region 1, Southern Tagalog, [General Santos], and the other regions where we operate, we operate through a partnership,” he added.
Meanwhile, Mr. Sarmiento said that the company is expecting “better” growth for 2024, compared with this year.
During the second quarter, the company reported a P38.9 million net loss, a reversal of the prior year’s P144.04 million in attributable net income.
Its revenues went up by 3.4% to P3 billion for the three-month period from P2.9 billion the previous year.
Vitarich is a manufacturer of animal feed and food products and a poultry integrator in the Philippines.
On Monday, shares in Vitarich slipped by 1.82% or a centavo to close at P0.54 apiece. — Adrian H. Halili