Engro Foods Ltd., Pakistan’s second-largest dairy company, expects sales to increase 20 percent this year as an expanding middle class boosts demand for processed milk products in a nation where most people still buy the liquid raw and boil it.
Engro is seeking to almost quadruple annual revenue to 150 billion rupees ($1.52 billion) in seven years by adding higher-margin products such as infant formula and yogurt to cater to the world’s sixth-largest population, Chief Executive Officer Sarfaraz Ahmed Rehman said in an interview.
