Philippine Billionaire Ramon Ang’s San Miguel Earmarks $627 Million To Expand Animal Feeds Production Capacity As Profit Jumps
Jonathan Burgos, Forbes
Jun 4, 2021
San Miguel Foods & Beverage (SMFB), controlled by billionaire Ramon Ang, is spending 30 billion pesos ($627 million) to expand the company’s animal feeds production capacity amid a strong recovery in the group’s profit.
“We are also in the process of building seven new feed mills,” Ang, president and CEO of SMFB, said at the company’s virtual shareholders meeting on Thursday. Apart from the greenfield manufacturing plants, which will cost about $50 million each to build, Ang said the company is also expanding the capacity of existing feed mills across the Philippines.
SMFB is expanding its capacity as sales of its food and beverages rebound after declining in 2020 when demand was hit by the economic impact of the Covid-19 pandemic. The company reported a 66% increase in first-quarter net profit to 9.7 billion pesos from a year ago as sales improved 11%...