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Performance Review
In PNG, IFC launched a new premium
tuna product range under the brand
“Besta White” where we introduced 3
new variants, Barbeque, Smoked and
Hot & Spicy. We are renewing our brands
with vibrant flavours and new graphics to
better appeal to today’s consumers. As
we innovate, we expect to see benefits
from improving sales mix. Although
it is still early days, Besta White is off
to a good start – retailer support has
been good and early consumer reviews
are encouraging. Given the proven
health and nutritional benefits of fish
consumption, we believe the prospects
for our business are supported by strong
growth potential. Canned fish remains
as a staple and affordable protein
choice of PNG consumers. These are
convenient food items because and they
are ready-to-eat and require very little
preparation and based on the strength of
our Besta brands, we are confident that
the Division is well positioned to satisfy
consumers who look for sustainable,
convenient, nutritious and competitively
priced protein.
Although our fishmeal production currently represents a relatively small percentage
of our business, it provides a major outlet to recycle by-products from our fish
processing plant. Fish processing activities generate large quantities of organic waste
from unused fish parts which is a rich source of essential amino acids. Contributions
from the fishmeal segment declined 24.5% y-o-y due to the lower demand in the
local PNG market. Nevertheless, our longer view on fishmeal is positive given the
continuing growth in global aquaculture and the inroads we are making into the export
market in this current year.
In Malaysia, our food-packing subsidiary, FISB has continued to deliver revenue and
PBT growth, benefitting from improved sales volumes on existing contracts as well
as volumes from new customers. Careful margin and cost control measures have
also contributed to the improved PBT recorded by FISB vis-à-vis lower overhead
and equipment maintenance expenses.
IFC Product
sales VOLUME BY CARTON
Tuna - Domestic
···················
25%
159,220
Tuna - Export
·······················
30%
194,706
Mackerel
······························
45%
291,945
FISB Revenue
CONTRIBUTION BY CATEGORY (RM ’MILLION)
4.95
0.91
0.19
FYE2017
FYE2017
FYE2017
Client/3
rd
Party Brands
In-House Brands
Others
5.48
1.04
0.07
FYE2018
FYE2018
FYE2018
▼
63.7%
▲
10.8%
▲
14.1%
Food Division