Axelum posts P526M income in 2020

LISTED coconut products manufacturer Axelum Resources Corp. on Monday said it sustained profitability last year despite the challenges brought upon by the pandemic.

In a filing to the exchange, the firm reported a net income of P526 million in 2020, 32-percent lower than its P775 million figure in the previous year.

“We managed to sustain our profitability by capitalizing on strategic opportunities during extra downtime to bolster manufacturing capabilities and develop new products to anchor long-term growth. At the same time, we strictly implemented health and sanitation policies to prevent virus transmissions, allowing us to operate continuously without interruption,”

Axelum President and Chief Operating Officer Henry Raperoga was quoted as saying.

Axelum noted that it saw a “sharp rebound” in the second half of last year as its full year revenue stood at P5.17 billion, a 3-percent shed from P5.3 billion in 2019.

It attributed the figure to the steady performance of its coconut milk powder and desiccated coconut products and the 20 percent growth in volume of coconut water.

Axelum said it recently completed the expansion of its spray-drying facility, which features agglomerated technology to double the production capacity of coconut milk powder.

The firm also commissioned its state-of-the-art pressed coconut water plant to accelerate the commercial production of its latest coconut water variant.

Meanwhile, Axelum said it has allocated P350 million for its capital expenditure this year, which would be used to fund ongoing and planned plant enhancements, equipment upgrades, new product initiatives, and other support projects.

It also looks to widen its market reach locally and abroad through appointing reputable distributors in high-demand areas and is evaluating potential international and local jointventure partnerships.

Shares of Axelum inched up by 1 centavo or 0.29 percent to close at P3.44 apiece on Monday.