Based on its financial report filed with the Securities and Exchange Commission, sales revenues of MPI grew 26 percent to P199.8 million from P158.6 million
About 39.1 percent of MPI’s revenues were generated from the sale of export packaging products which marked a 65-percent increase from the year-ago level of P78.2 million
Intensified efforts of the company to promote its pro-duction capabilities and expand market coverage provided a significant upsurge in sales volume, rising 25.2 percent.
The increase in packaging requirements for agricultural export products, which accounted for 41 percent of total sales volume, was 63.2 percent better than the sales volume, generated in the same period last year of 422.6 million metric tons.
About 30.2 percent of total sales volume came from the sale of plastic products for agri-banana applications. Sales volume totaled 508 metric tons or 14.9 percent better than the year-earlier figure.
MPI produces polyethylene plastic blown film products and polypropylene twine to supply the requirements of the banana-growing and export industry in Mindanao.
The company, formerly Agro Plastics Inc., was incorporated in Nov. 19, 1990 by Pioneer Ventures Inc. to supply the requirements of the banana companies under the Lorenzo family’s Lapanday Group. In its first year of operation, the company operated at different levels of capacity, producing an average of 130 metric tons of blown film plastic products, mostly seed bags and export packaging bags.
On March 1995, Agro Plastics was acquired by Macondray & Co., Inc. and was renamed Macondray Plastics Inc.
To reduce dependence on the banana industry, MPI has diversified its customer base by also penetrating the plastic packaging requirements of the commercial and industrial sectors as well as plasticulture for agricultural applications.
MPI has successfully pro-duced food grade bags catering to the food service in-dustry, poultry industry and export of banana chips, and dessicated coconut. — Zinnia Dela Peña