CHEMICAL trader SBS Philippines Corp. said it plans to pursue income streams from other businesses other than its core products that supply various types of chemicals to firms.
The company said it will diversify its business on food and beverage, home care and industrial segment this year.
“The company also intends to provide for diversified returns, and generate attractive and sustainable additional income streams by pursuing investments in property-related assets and expanding into property-related businesses subject to shareholder approval,” it said. “SBS expects to show continued progress in its core business and deliver good profits through 2017, as it expands and diversifies its product portfolio.”
Last year the company said it pursued “attractive investment opportunities” and took small-ownership stake in companies investing in real properties for more diversified interests in different investment holdings at a lower capital requirement and risk exposure to the company.
It did not give further details, but the Sytengco family has large tracts of properties. The company said its income reached P1 billion last year, from P159 million the previous year, after it disposed of certain long-term investments in associated and property-related assets which were held for capital growth and completed with a significant one-off gain from the disposal of such investments assets in the amount of P858.7 million.
“Our very strong-balance sheet and excess cash give us the ability to create more value. We will continue to take action to make SBS bigger and better,” said Necisto Sytengco, the company’s chairman and founder.