Posted on

HIPAC calls on Govt to state strategy

marciadottin, [email protected]

HIPAC  calls on Govt to state  strategy

Social Share

One of Barbados’ leading producers of processed meats is planning a major expansion following a year of improved sales, including exports. But before they proceed with the project, officials in charge of HIPAC Limited, which makes Farmers Choice and Eve products, want Government to detail its strategy for the local pork and chicken industries.
HIPAC is owned by local conglomerate Goddard Enterprises Limited (GEL) and that company’s divisional general manager, manufacturing and services, John Taylor disclosed plans for the new plant while updating shareholders in GEL’s 2013 annual report.
“HIPAC Limited managed to increase sales during the year but produced an operating profit very similar to last year’s, given increases in raw material inputs. In line with our strategy, export sales increased by 14 per cent and the intake of local pork and chicken increased by 82 per cent and 23 per cent, respectively,” Taylor said.
“As sales of Farmer’s Choice and Eve meat products continue to grow, there are concomitant challenges with the capacity of the existing plant. Plans for a new plant We are currently in discussions with Government regarding its strategy for the local pork and chicken industries, since this will have a significant impact on the future of the company.”
Taylor said the overall Manufacturing and Services Division “produced an improved result for the year”, with sales increasing 5.1 per cent over the 2012 level and net income before taxation improving by 34.8 per cent.
“However, most of this improvement was due to the progress being made in turning around our rum operations, though these operations continue to perform well below expectations,” he noted.
“Most other companies in the division showed modest improvements in sales and operating profit despite difficult market conditions. During the new financial year, we will continue to focus on market-share growth, cost reductions and operating efficiency improvements across the division.” (SC)