Agricultural firm Sasini is looking to expand to markets in Asia, North America and Middle East beyond its current Europe stronghold to boost sales of products such as tea, coffee, macadamia and avocados, citing a huge opportunity as the global markets fully reopens following the Covid-19 pandemic disruption.
The firm, which last year invested an additional Sh444.1 million in its subsidiaries through which it is pursuing growth and diversification said potential business in its new markets like China and Japan would boost its overall growth and increase its revenue streams.
"Europe is a big market. It can be enough for us but we want to expand and reduce our reliance in one region. So we are exploring opportunities in the middle East and in Asia as well," Sasini chief executive Martin Ochien'g told the Business Daily at a virtual investor briefing held yesterday.
Europe remains a key market for Sasini and it's rival food producers but they are recently eyeing new markets outside of the continent on the back of increasing demand elsewhere.
Avocados and macadamia nuts are low in calories but rich in nutrients, and demand for the two products in Europe, China and the United States has increased in recent years.
Macadamia and avocado farming are usually inter-cropped with traditional tea and coffee which are Sasini’s main revenue drivers.
Besides diversification and venturing into new markets, Sasini chairman James McFie said the firm would entrench technology in it's operations including continuing mechanisation of tea harvesting to cut costs and drive growth.
Sasini made a Sh122.2 million net profit in the six months ended March, benefiting from deep cost cuts.