Fiber-cement manufacturer SHERA expects a 15-percent increase in revenues to P1.75 billion in 2024 from P1.5 billion in 2023, as it maximizes its P2-billion investment in a Pampanga plant.
SHERA Philippines country head Thunnop Jumpasri said they have bigger plans following its 50th year of operating in the country.
“We’ve been here for 50 years. We’ve seen lots of market penetration and changes. The Philippine market is a big opportunity for us, considering that the Philippines is the fastest-growing construction market in ASEAN,” Jumpasri said at the sidelines of the 4-day Philippine World Building and Construction Exposition (WORLDBEX) at the World Trade Center Thursday.
He said SHERA was on track to completing its P2-billion plant in Mabalacat, Pampanga by end-2024
The facility will increase its footprint in the Philippines, making sustainable and eco-friendly products become more accessible to Filipinos, particularly those who are looking to integrate greener solutions into their establishments, buildings and homes.
Jumpasri said the plant would increase its output annually starting with 100,000 MT in the first year and 200,000 MT in the second year.
The company committed to hiring 120 to 150 full-time workers once the plant is completed.
Jumpasri said the company plans to expand capacities as need arises, given the potential for growth of the local construction industry.
The Philippines is SHERA’s first overseas plant outside Thailand. It bared plans to expand to other markets in the ASEAN. Its Philippine output is intended for export to Taiwan, Korea and some parts of China.
The company plans to register its facility with the Board of Investments (BOI) for tax incentives.
SHERA is the the biggest fiber-cement innovator in Southeast Asia with annual production capacity of 1 million MT.
It has over 15,000 distribution networks across the ASEAN region. The company has also forged business partnerships across four continents in more than 40 countries.