24 0 0 3 weeks ago 4 min to read

The executive of Mega Prime Food anticipates sales growth of 18%

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A Mega Prime Food Inc. (MPFI) executive expects sales to increase by around 18 percent this year, maintaining the growth of the previous five years, in part because of expanded distribution options and higher manufacturing.

Marvin Tiu-Lim, the MPFI chief growth and development officer, stated in an interview at the company’s PHP1 billion state-of-the-art manufacturing plant’s opening on Wednesday in Santo Tomas town, Batangas province, that they also intend to broaden their product offering and strengthen their sales and distribution team to further increase sales.

He stated, “We want to ensure that our products are more easily available to more and more Filipinos.

As of now, the newly-opened industrial facility produces about 300,000 cans daily thanks to its one functioning canning line.

In order to gradually raise the daily production to close to 900,000, Tiu-Lim stated that they will install two more lines this year.

He said that this will significantly increase the 2.4 million goods that their Zamboanga manufacturing factories produce each day.

Tiu-Lim countered that “this is only the capacity” of the factories.

He cited the company’s supply problems for Tamban (sardines) in 2022 as an example of how much depends on the fish catch.

After the regular closing fishing season from November 30 to March 1, according to Tiu-Lim, the fishing season begins again on Thursday.

He continued, “We’re hoping this season will be nice and fish will be abundant so we can cut the price and make sure that there is availability.

By the end of this year, the new manufacturing plant is scheduled to contribute 20 to 30 percent of the overall production, with a projected increase of 40 to 50 percent over the following several years, according to Tiu-Lim.

He stated that the company is considering an initial public offering (IPO) in the years to come in order to raise funds, but stressed that nothing is finalized just yet.

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