AGRINURTURE INC. (ANI) booked a fourfold rise in income, which surged to P35.7 million in 2009 from P8.7 million in 2008 as it expanded exports and lowered costs.

According to its financial report for 2009, the company booked sales of more than P1 billion, up almost 31 percent from P777.9 million in 2008, which at that time was already higher by 20 percent from the P623.87 million posted in 2007.

ANI CEO and president Antonio Tiu said through an email that the company also improved awareness of its brands and increased synergies among its units.

He added that, looking forward, the company?s 2010 expansion woulde focus on improving farm productivity, expanding cold storage facilities, and developing new sales channels.

ANI is working to grow organically through sales and acquisitions.

According to Tiu, the company is on the lookout for small and medium enterprises that ANI hopes to acquire for it to expand overseas, particularly in the so-called Greater China region, the Middle East, and North America.

These are primary markets for fresh and frozen fruits and vegetables.

Market research suggests an increase in consumer expenditure for agri-food products in these regions over the next four years.

In May 2009, ANI got listed at the PSE by way of introduction?the first agriculture company to register with the local bourse.

Last January, ANI was also listed on the NSX.

The company is now getting ready to offer shares to the public through a follow-on offering of up to 80 million shares.

ANI?s board of directors approved the proposed issuance of 104,696,129 shares, as well as 20 million warrants as sweetener.

One warrant corresponds to a common share that may later be acquired at a set price.