Lima, Peru-based aquafeed company Vitapro will invest more than USD 80 million (EUR 72.4 million) this year in its Ecuadorian branch of shrimp feed producer Nicovita, with plans to build a new plant and expand production capacity by 45 percent, local publication El Universo reported.
Through the investment, Vitapro expects Nicovita to reach its goal of 1 million metric tons (MT) of balanced feed production in the near future, according to Fabricio Vargas, general manager of Vitapro Ecuador. The new investment will complement a USD 35 million (EUR 31.7 million) investment made in 2021 to expand the firm's production and storage capacity, he said, and it will enlarge the company's plant in Guayaquil, Ecuador into one of the largest production centers of shrimp-specialized balanced feed globally.
“The contribution to the country’s economic and productive development is also tangible in the generation of employment that this new investment will bring. Once the plant starts operating, we calculate an increase of between 40 and 50 percent of workers,” Vargas said, adding that the latest announcement brings Vitapro’s total amount invested in Ecuador to nearly USD 200 million (EUR 181 million).
Vitapro has been developing specialized solutions in aquaculture nutrition through its Nicovita and Salmofood brands for more than 30 years. It forms part of the Peruvian conglomerate Alicorp, which itself recently announced it planned to invest USD 125 million (EUR 113 million) this year, of which USD 55 million (EUR 50 million) will go towards strengthening its aquaculture business.
According to its latest financial results, Alicorp's aquaculture business grew 36.4 percent in volume during 2021 compared to the previous year, supported by the shrimp feed platform in Ecuador under the Vitapro brand. This unit had net sales of USD 719 million (EUR 651 million) during the year, a 31.3 percent increase from 2020.
Alicorp’s consolidated sales reached USD 3.21 billion (EUR 2.9 billion) in 2021, a 30.8 percent boost from the previous year. Its net profit rose 17.5 percent to USD 345 million (EUR 312 million).
Alicorp said one of its goals is double-digit sales growth and single-digit growth in its earnings before interest, taxes, depreciation, and amortization (EBITDA). It has more than 150 brands distributed over four business lines – mass consumption (food, home, and personal care), B2B (supplies for gastronomy and large industry), aquaculture feed, and milling to produce flower and oil.
Photo courtesy of Vitapro
