Carageenan exporter eyes 23% revenue growth
MANILA, Philippines - The Shemberg group owned by Cebu businessman Benson Dakay is projecting a 23-percent growth in export revenues this year.
Dakay said the group earned a total of $35 million in export revenues last year, with Shemberg Marketing Corp. earning $24 million and Shemberg Biotech $11 million.
He said Shemberg Biotech is projecting its exports to grow 63.6 percent to $18 million this year, while Shemberg Marketing expects a more modest growth of four percent to $25 million. The average growth for these two companies is 23 percent.
Shemberg Biotech’s higher export projection target for 2011, Dakay said, is due to the company’s increased use of spinosum seaweed to produce iota carageenan.
Shemberg Marketing, which is based in Cebu, manufactures and exports jellies, ice pops and beverages under the Snowtime brand.
Shemberg Biotech exports carageenan which is used both as a food additive and for cosmetic and pharmaceutical applications.
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