SL Agritech expects sales of P10 billion by 2015

MANILA, Philippines – Hybrid rice producer SL Agritech Corp. is hoping to post sales of P10 billion by 2015. Henry Lim, chairman and chief executive officer of SL Agritech said yesterday.

In a press briefing following the signing of a memorandum of agreement (MOA) with the Bangladesh Agricultural Development Corp. (BADC) for seed production in Bangladesh, Lim said.

SL Agritech is projecting P900 million in sales for its hybrid seeds division and P500 million for its rice division for its fiscal year starting June 2009 and ending May 2010.

Lim said SL Agritech is increasing its seed production in other countries that initially started in Indonesia.

By the end of this year, Lim said, SL Agritech is hoping to finalize arrangements to also start seed production in Vietnam.

Lim said SL Agritech is working with Indonesia’s agriculture agency, PT Sang Hyang Seri (Persero), to produce SL-8SHS hybrid seeds on Persero’s 242 hectare farm in Sukamandi, Indonesia.

In five years SL Agritech is hoping to ramp up its seed production in Indonesia to cover five million hectares.

In Bangladesh, Lim said SL Agritech is initially starting seed production on 250 hectares, increasing in three years to 600 hectares and eventually up to 1,000 hectares by the fifth year.

In five year, Lim said SL Agritech projects sales of its hybrid seeds to reach P5 billion.