MARKET DEVELOPMENT
FGV Eyes 20 Per Cent Hike In Overseas Revenue Contribution This Year
FGV Eyes 20 Per Cent Hike In Overseas Revenue Contribution This Year
20/01/2014 (Bernama) - Felda Global Ventures Holdings Bhd (FGV) is aiming to increase its revenue contribution from overseas operations by 20 per cent this year.
This follows the entry of its associate company, Delima Oil Products Sdn Bhd (DOP), into the Philippines market.
Speaking to Bernama, FGV Senior Vice-President and Acting Head of Downstream Zakaria Arshad said by 2020, the company planned to have a 50:50 ratio of revenue contribution from its local and international business respectively.
"Currently, the ratio stands at 80:20 (domestic:international).
"This target was set out in FGV's 2013-2020 blueprint as we want to grow the company by eight times in eight years. To achieve this, we need to expand our business between 20 per cent to 25 per cent per annum, and this can be done via an increase in exports.
"We've penetrated Singapore, Cambodia, Laos, Myanmar, Vietnam, Brunei and Indonesia. Today, we officially mark our presence in the Philippines, to expand further our downstream products in external markets," he added.
He was speaking on the sidelines of a signing ceremony for a Distributorship Agreement here.
The agreement was signed between DOP and a local Filipino company, Intisari Mulia International Inc (IMI), which is a market leader in trading, imports and exports, with various reputable companies globally.
Under the agreement, IMI will distribute nine consumer and industrial products of DOP, namely, SAJI cooking oil, Seri Pelangi margarine, Adela margarine, Sajimee instant noodle, Mariana shortening, Sajimayo mayonaise and Sunbear peanut butter, Saji sweetened beverage creamer and Adela Cake pre mix, in Cebu.
Zakaria said the entry into the Philippine's market was with the collaboration of the Malaysian Palm Oil Council (MPOC), which helped create awareness among local citizens about the benefits of using oil palm as cooking oil, as they are more familiar with coconut oil for this purpose.
"The Philippines is known for its coconut industry, but the commodity is becoming more expensive, with a declining market supply. Planters ship a lot of young coconuts out of the country.
"This opens up the business opportunity for us to export SAJI cooking oil to the country and create an alternative in the market," he added.
Also present at the signing ceremony was the Vice Mayor of Cagayan de Oro city, Cesar Ian Acenas, the Malaysian External Trade Development Corporation, Trade Commissioner, Har Man Ahmad, MPOC Deputy Chief Executive Officer Dr Kalyana Sundram, and IMI Managing Director, Marin Francisco.
This follows the entry of its associate company, Delima Oil Products Sdn Bhd (DOP), into the Philippines market.
Speaking to Bernama, FGV Senior Vice-President and Acting Head of Downstream Zakaria Arshad said by 2020, the company planned to have a 50:50 ratio of revenue contribution from its local and international business respectively.
"Currently, the ratio stands at 80:20 (domestic:international).
"This target was set out in FGV's 2013-2020 blueprint as we want to grow the company by eight times in eight years. To achieve this, we need to expand our business between 20 per cent to 25 per cent per annum, and this can be done via an increase in exports.
"We've penetrated Singapore, Cambodia, Laos, Myanmar, Vietnam, Brunei and Indonesia. Today, we officially mark our presence in the Philippines, to expand further our downstream products in external markets," he added.
He was speaking on the sidelines of a signing ceremony for a Distributorship Agreement here.
The agreement was signed between DOP and a local Filipino company, Intisari Mulia International Inc (IMI), which is a market leader in trading, imports and exports, with various reputable companies globally.
Under the agreement, IMI will distribute nine consumer and industrial products of DOP, namely, SAJI cooking oil, Seri Pelangi margarine, Adela margarine, Sajimee instant noodle, Mariana shortening, Sajimayo mayonaise and Sunbear peanut butter, Saji sweetened beverage creamer and Adela Cake pre mix, in Cebu.
Zakaria said the entry into the Philippine's market was with the collaboration of the Malaysian Palm Oil Council (MPOC), which helped create awareness among local citizens about the benefits of using oil palm as cooking oil, as they are more familiar with coconut oil for this purpose.
"The Philippines is known for its coconut industry, but the commodity is becoming more expensive, with a declining market supply. Planters ship a lot of young coconuts out of the country.
"This opens up the business opportunity for us to export SAJI cooking oil to the country and create an alternative in the market," he added.
Also present at the signing ceremony was the Vice Mayor of Cagayan de Oro city, Cesar Ian Acenas, the Malaysian External Trade Development Corporation, Trade Commissioner, Har Man Ahmad, MPOC Deputy Chief Executive Officer Dr Kalyana Sundram, and IMI Managing Director, Marin Francisco.