KUALA LUMPUR (May 31): Ajinomoto (Malaysia) Bhd aspires to be a leading food company by 2020 by diversifying its product offering to include food products in addition to its seasoning products, starting this year.

The company, which is typically engaged in the manufacturing and selling of monosodium glutamate and other related seasoning products, says it will be introducing a new segment which includes the manufacturing and importing of food-related products.

It intends to start this financial year ending March 31, 2018 (FY18) and targets a 7% share of food product sales by 2020.

Moving forward, the company intends to increase the presence of its export market in the Middle East, where it currently has a large presence in Saudi Arabia, said Ajinomoto Malaysia chief executive officer Keiji Kaneko.

Currently export sales contribute 35% to the company's revenue, 20% of which is derived from Saudi Arabia. The remaining 65% is contributed by domestic sales, Keiji told reporters at a media briefing today.

Ajinomoto also hopes to increase its presence in other Middle Eastern countries such as Oman, Yemen, Jordan, where its products are also distributed.

Yesterday, it released its results for the fourth quarter ended March 31, 2017 (4QFY17), in which it reported a net profit of RM148.96 million, surging 22 times year-on-year from RM6.59 million.

Quarterly revenue increased 4.3% to RM114.93 million from RM110.24 million, thanks to improved sales in both its consumer and industrial business divisions.

At noon market close, Ajinomoto Malaysia shares rose 22 sen or 1.03% to RM21.52, with a market value of RM1.31 billion.