SPLASH Corp., the retail firm controlled by the Hortaleza family, said on Friday that its board approved the company’s capital spending of P69.2 million next year.
It did not state where the money would be spent.
The company earlier said that it will continue to expand its food division in the international market, focusing on areas where there are Filipino communities.
Barrio Fiesta shrimp paste and easy-to-use mixes affords overseas Filipinos a convenient way to have an authentic taste of home, Splash Foods President Ace Villa-Real said.
Splash said its net income grew by 80 percent in the nine months of the year ending September to P40.86 million, from last year’s P22.67 million.
Splash’s income for the third quarter alone, however, dropped to less than P1 million from last year’s P9.48 million, as sales were flat.
Sales for the nine-month period amounted to P2.57 billion, up by a marginal 3 percent from last year’s 2.5 billion.
The revenue growth came from the 37-percent growth in food division, mainly from its international operation, and the 8.4-percent growth in the personal-care segment.
Sales of Splash Foods Corp. International continues to benefit from its expanded distribution network in North America, Middle East, Europe and Australia, and the broader product range of Barrio Fiesta Mixes being distributed in the US.
Sales of personal care in the whitening and exfoliant categories grew by 81 percent and 6 percent, respectively, in Africa and the Middle East.
VG Cabuag