Farmers across the country will be getting an early Christmas present, when Pinnacle Feeds Ltd lowers the cost of animal feed on December 2.
Chief financial officer of Pinnacle Feeds Ltd, Jason Sambrano, made this disclosure today at the official launch of Agrofest 2014 at the Divi Southwinds Beach Resort, St Lawrence Main Road, Christ Church.
Sambrano said: “Earlier in the year on September 2 Pinnacle Feeds Ltd reduced the price of feed by 5 per cent and that was through our purchasing methodology we were able to make some savings by more forward buying of commodities like corn and soya beans. With that purchasing trend, we were able to capitalise on some low cost of commodities coming forward for December, January and February.
So having that purchasing two to three months out we were able to more accurately determine the savings we could make and these are the reductions we could pass on. We did about a five per cent decrease in September two and on December 2, the decrease will range between three to five per cent. We recognise our responsibility to the population of Barbados in trying to reduce the cost of our food supply. We felt that this was a good time at Christmas to show that we are doing our
part in making food more affordable in Barbados. “Our volume of sales are down when compared with previous years. Obviously with the economic conditions in the country we have seen less volume of sales. When we look at volume of sales between 2008 to 2013 in some cases we are more than 30 to 40 per cent down as a result of the economic downturn and the increase of imported poultry. We continue to work feverishly to maintain the quality of our feeds to provide our farmers with the best feeds so that they will be nourishing to the animals. We also work with our customers on a daily basis in terms of our technical team,” Sambrano.
Meanwhile, during his address, Chief Executive Officer of the Barbados Agricultural Society, James Paul, said organisers of the annual event hoped to attract 70 000 persons to the next year’s event, surpassing the 60 000 persons who visited the exhibition in 2013.
Predicting that next year’s event which runs from February 28 to March 2, will be better than this year’s, Paul said: “ Next year’s exhibition will mark the tenth’s anniversary of Agrofest. We are going to impress the patrons in terms of the new events. This year we experienced a challenge because we did not have the school children because of distractions. When we started Agrofest we were targeting the youth. We think that it is critical that we remind the youth of the importance of agriculture. We are trying to get back the school children on the first day of the event. Somehow Friday night’s events are not well attended, because the adults bring the children to the event in the daytime, but they do not return. We hope to bring back entertainers of yesteryear to bring that feeling of nostalgia.” (NC)
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