"Yet even as revenue grows-all our businesses grew by double-digits over the last year-we cannot escape the harsh macroeconomic realities that are bearing down on our business," Eduardo M. Cojuangco Jr., San Miguel chief executive officer, said.
"To lessen the impact of such external pressures, poultry, like many of our other commodity segments is moving upward the vertical-value chain, developing its own value-added products," Cojuangco
said in a speech read by Alejo during the annual stockholders meeting.
said that customized flour products and bakery ingredients would help the business maintain profitability.
The company said it also invested heavily on two flour facilities, which are expected to "redound to greater efficiencies in terms of production and manufacturing" once the plants are already in full swing.
For instance, its new Purefoods Hormel plant, which has a capacity of 205 metric tons a day, is regarded as the company's steady source of foreign exchange.
"[The plant] will allow us to meet strong demand of our domestic market as well as enable us to export into the region," Cojuangco