Monde Nissin Corp. chief financial officer Jesse Teo has raised concerns over the prices of sugar and eggs, which are essential ingredients for the company’s bakery and biscuit business.
Monde Nissin produces popular products such as Nissin Butter Coconut, Skyflakes, Fita crackers, and M.Y. San Grahams.
“Sugar and eggs which everybody knows are on the rise are still challenging,” Teo said in an investors briefing.
Monde Nissin is one of six companies that have formally asked President Bongbong Marcos to allow them to import their sugar requirements because of difficulties in getting quotes from sugar traders.
Teo said the company is expanding its bakery business.
“Our bakery business is constrained by the number of lines that we have. It cannot serve demand. The immediate priority is to get more lines to meet the demand,” Teo said.
When commodity markets went wild after Russia attacked Ukraine in 2022, Monde Nissin locked in its wheat and palm oil orders to secure its raw material supplies.
Teo said the company locked in the supply at the peak but it is now enjoying lower prices on wheat and palm oil.