AgriNurture, PITC team up to import raw inputs for rice-corn production
LISTED agricultural firm AgriNurture, Inc. has partnered with the Philippine International Trading Corp. (PITC) on the importation of raw materials for the production of Bigas-Mais (BigMa) or rice-corn blend.
In a disclosure to the stock exchange on Thursday, the company said it signed a memorandum of agreement with PITC in preparation for the local production of the BigMa brand.
“The company is set to locally produce with its corn contract growers and include in its product portfolio the BigMa brand,” the disclosure said.
AgriNurture said the BigMa blend is a staple food alternative for Filipino consumers that is a low glycemic and dietary fiber rich.
It said that with its production of BigMa, its carbon footprint will be reduced, while also providing more livelihood to local farmers as the source of mais.
“The BigMa production will help the country achieve food-staple sufficiency faster, while providing a healthier and affordable option to the public,” the disclosure said.
The partnership came after the company ended the third quarter with an attributable net income of P37.52 million, 45% higher than the P25.88 million it had in the similar quarter last year. It also recorded a higher attributable net income for the first nine months of the year at P355.21 million, against P58.16 million in the same period a year ago.
On Thursday, shares of AgriNurture in the stock exchange rose 2.81% or 23 centavos to close at P8.41 per piece. — Revin Mikhael D. Ochave