MANILA, PHILIPPINES — San Miguel Food and Beverage Inc. said it will spend 30 billion pesos ($627.7 million) mainly to expand its feed mill business, the Manila Standard reported.

The company plans to build seven new feed mills worth $50 million each, said Ramon Ang, president and chief executive officer of San Miguel Food and Beverage, during the company’s annual stockholders’ meeting.

The company also is expanding its feed mill capacity in facilities in Isabela, Davao, Cebu and Bulacan.

“We are seeing encouraging signs amid the mass vaccination program of the government and continued easing of restrictions,” Ang said.

The company also is planning to replicate its integrated industrial complex in Sariaya, Quezon, which includes a feed mill, dressing plant, housing and community projects to address the needs of the residents near the area.

“This model is very successful, and we are trying to do this all over the country in all the regions where we plan to build integrated food manufacturing complex,” Ang said.

SMFB returned to profit in the first quarter, posting consolidated net income of P9.68 billion, up 66% from the same period last year.

Consolidated sales reached P76.36 billion, up 11% from the same period in 2020.