Press Release | Axelum Resources Corp. | May 16, 2021
Axelum profit up 25% to ₱182M for Q1 2022
Strong topline growth fueled by robust global market demand; FOREX trend to provide additional lift this year
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 for first quarter 2022.
Axelum generated sales of ₱1.67 billion, up 14% from ₱1.47 billion, mainly driven by steady volumes and higher average selling prices of its core product segments. Gross profit rose 16% to ₱432.16 million, with gross margin expanding to 25.9% from 25.3%, attributed to various production efficiencies and process improvements. EBITDA jumped 25% to ₱303.48 million due to cost containment efforts implemented across the business. Pre-tax income soared 32% to ₱243.26 from ₱184.49 million while net income grew 25% to ₱181.93 million from ₱145.60 million.
“We continue to service increasing requirements of our customers despite major shipping issues particularly irregular port calls, delayed container turnover, limited cargo space and international port congestion. Nonetheless, we remain confident in maintaining our growth trajectory this year anchored on rising global demand for our products combined with our proven ability to operate under these challenging conditions,” stated Mr. Henry J. Raperoga, President and Chief Operating Officer of Axelum Resources Corp.
To address the shipping situation, Axelum contracted strategically located third-party storage centers to immediately support its aggressive manufacturing pipeline. Further, Axelum is currently extending its main warehousing facility to increase storage capacity by 30%. This project is scheduled to be completed by 2023. In general, Axelum ships on a freight-on-board basis and is actively coordinating with major shipping partners for pre-booked space availability and negotiated rates for its customers.
