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Business Reporter

Cooking oil manufacturer, Olivine Industries is eyeing a return to profitability this year on the back of a turnaround programme which will include the resuscitation of the Buttercup margarine plant. Turnaround of the company’s fortunes will be under a three-phrased programme which will be implemented sequentially.“The Buttercup margarine plant is currently being installed. Plant commissioning is expected in June 2016. This is the first of three phases to be implemented sequentially,” said Mr Madara.

Olivine Industries is also putting up a new soap manufacturing plant with capacity to produce two tonnes per hour.

Mr Madara said the order for soap manufacturing plant was placed and the equipment will be received in batches.

“The order for the Soap Manufacturing Plant was placed and the equipment is expected to be received from the suppliers, in batches, between June 2016 and November 2016.

“The board and management of Olivine Industries are looking forward to the completion of these two projects during 2016 which should see the performance of Olivine Industries return to profitability in 2017,” said Mr Madara.

Olivine, one of the country’s largest producers of fast moving consumer goods, has been battling to offset mounting debts which were estimated at about $20 million.