Charoen Pokphand Foods Plc (CPF), the SET-listed flagship of the Charoen Pokphand Group, plans to spend 1.53 billion baht to build aquatic feed plants and a pig farm in the Philippines.
The company will spend 1.4 billion baht to construct a shrimp-feed factory with a capacity of 30,000 tonnes per year in Cebu province and a fish-feed plant with a capacity of 60,000 tonnes per year on Luzon island.
It will also invest 125 million baht in a pig farm in Luzon, said Adirek Sripatak,CPF's president and CEO. Construction of the projects is expected to be completed next year.
"There is vast potential in the Philippines because of the country's large population," said Mr Adirek."The pig farm should be successful because of high pork consumption among the Philippine people."
Average pork consumption in the Philippines is about 15 kilogrammes per person per year, compared with 13 kg in Thailand.
CPF has also increased its overseas investments in countries such as Russia,Turkey and Vietnam to improve profit growth.
The company's net income rose to a quarterly record of 3.19 billion baht in the three months ended June 30, on improving earnings in its domestic and overseas aquaculture businesses, with six-month net profit rising to nearly 4 billion baht on sales of 75.4 billion.
CPF shares rose yesterday on the SET by 15 satang to 5.80 baht, in trade worth 143.658 million baht.
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