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Food giant Mayora to raise chocolate product prices
Mayora Indah, known for beloved brands like Beng-Beng and Choki Choki, is set to increase the prices of several chocolate products as global cacao bean prices surge due to unfavorable weather and disease affecting major cocoa producing countries.
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A stock illustration shows the different stages of cacao processing, from cacao pods (left) to chocolate. (Shutterstock/Shulevskyy Volodymyr)
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ublicly listed food manufacturer PT Mayora Indah is set to increase the prices of some of its chocolate products in the second half of this year due to the high global price of cacao beans, which has in turn driven up global cocoa prices.
Mayora director Wardhana Atmadja said the current prices of cocoa beans, which had almost tripled since last year’s, had led the company to raise the prices of some of its chocolate products to maintain sales margins.
“For products containing chocolate, we are closely monitoring the sales margins and [we will] adjust the prices of several products in the second half [of this year,” he said on Wednesday, as reported by Bisnis.com.
Mayora’s chocolate products include famous brands like Beng-Beng chocolate wafer bars, Choki Choki chocolate paste and Astor chocolate wafer sticks.
Read also: Govt expects global cocoa price hike to impact domestic industry soon
Wardhana also expressed hope that the company’s efforts to diversify its products would minimize the risks associated with rising cocoa prices and safeguard its business performance.
For the first four months of the year, Mayora posted net profit of Rp 1.2 trillion (US$73.6 million), up 49.4 percent year-on-year (yoy), driven by a 5.8 percent yoy increase in sales to Rp 10.83 trillion.
