Diversified Filipino agricultural business, Agri-Nurture (ANI), saw profits more than double in 2011 on the back of increased sales into China.
Company profits grew to 216.10m pesos (US$5.08m) last year, up from P93.6m pesos in 2010.
“Export revenues jumped 121 per cent, buoyed by increased sales of bananas to China, resulting in net income gains of 267 per cent,” the company said in a statement.
“We are particularly pleased this year because 2011 marked solid gains in all of the key business units that drive our farm- to-plate model,” said Antonio L Tiu, president and chief executive officer.
The company’s net sales increased by 42.19 per cent from 1.59bn pesos in 2010 to 2.25bn pesos in 2011 as a result of an increase in domestic sales outlets, additional clients and export expansion, the report stated.
Cost of sales increased by 31.99 per cent from 1.31bn pesos in 2010 to 1.73bn pesos in 2011, the report continued.
“By far, this year’s outstanding performer was fresh fruit exports, which saw quadruple digit gains in total revenues, mostly feeding China’s growing appetite for high quality fresh produce,” Tiu said.
“Our farming operations are starting to pick up steam, and we are going to continue to build aggressively on those gains so that we can achieve our twin goals of productivity gains as well as security of supply.
“China’s appetite is insatiable, and higher per capita income is fuelling an upgrade in consumption habits, favoring fresh produce.”
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