INTERFRESH Ltd chief executive officer Evan Christophides says the company anticipates to harvest six million stems of flowers from Smithfield, a flower-growing venture, earning it close to E
uro 1 million in the first year of production.
Christophides said this during a company tour on Wednesday.
Three hectares are already under flowers and there are plans to have 10 hectares which will be increased to 20 next year. First crop harvest would be in August.
A budget of $190 million is in place for the project.
Christophides told analysts that Smithfield would make a huge contribution to the group’s earnings.
“When we have 20 ha, the turnover is likely to be about Euro 3 million,” he said.
Smithfield achieved Export Processing Zone status in March.
The company will produce Hypericum which is exported to Europe.
The company said the production in the juicing plant had doubled owing to the increasing contribution of the out-growers.
Out-growers contribute 40% of oranges needed in the juicing plant.
“Smithfield budgeted to process 25% less tonnes of oranges,” Christophides said. “The plant is working at full capacity and has actually surpassed the month’s production budget in a week. We are producing four times what we had budgeted in a month, 150% more than we had anticipated.”