Press Release | Axelum Resources Corp. | November 8, 2022
Axelum profit up 24% to ₱717M for 9M 2022
Axelum Resources Corp. (PSE: AXLM), the country’s leading fully-integrated manufacturer, exporter and retailer of globally in-demand consumer food essentials, primarily best-in-class premium coconut products, has disclosed its financial and operating results from January to September 2022.
For the reporting period, Axelum generated sales of ₱5.31 billion, up 11% from ₱4.79 billion. Double-digit topline growth was mainly driven by robust global market demand for coconut products combined with the impact of the stronger dollar to its export business. Gross profit rose 12% to ₱1.43 billion from ₱1.27 billion, translating to an industry-leading gross profit margin of 27%, despite elevated input prices amidst a rising inflationary environment. EBITDA grew 20% to ₱1.11 billion, with corresponding EBITDA margin expanding to 21% from 19%, attributed to enterprise-wide cost rationalization, streamlining operational procedures and sharp foreign exchange gain. Net income soared 24% to ₱717.28 million from ₱578.69 million, resulting to a superior net income margin of 14%.
“We continue to service a rapidly-growing manufacturing pipeline, while capitalizing on an improving shipping situation and prevailing strength of the dollar. Our previous efforts to reinforce our business during the peak of the pandemic have allowed us to thrive under these challenging conditions. At this rate, we are confident of ending the year on a high note,” stated Mr. Henry J. Raperoga, President and Chief Operating Officer of Axelum Resources Corp.
In the coming months, Axelum is set to launch a new range of own-branded products targeted for the mainstream health-conscious population particularly retail consumers. This initiative is aligned with its strategy to leverage on its proven business-to-business model to unlock the massive value of its business-to-consumer segment in the long-term.