Press Release | Axelum Resources Corp. | August 08, 2022
Axelum profit up 32% to ₱421M for 1H 2022; Q2 net income up 38% to ₱239M
On-track to set new record-high earnings 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 from January to June 2022.
For the first half, Axelum generated sales of ₱3.38 billion, up 9% from ₱3.10 billion, attributed to steady volumes and higher average selling prices across core product segments. Global market demand remained robust but was hampered by international shipping constraints, resulting to stable volume growth. In addition, Axelum strategically implemented pricing adjustments to mitigate escalating inputs and preserve operating margins. Gross profit rose 8% to ₱861.89 million, translating to an industry-leading gross profit margin of 26%. EBITDA rose 19% to ₱632.65 million from ₱532.33 million due to cost optimization and impact of a stronger dollar to its export business. Net income soared 32% to ₱420.85 million from ₱318.42 million, following increased contribution of new products covered by fresh tax incentives granted in 2021.
“We continue to outperform in spite of formidable headwinds particularly prolonged ocean freight challenges and elevated commodity prices. Nonetheless, we are positive that rising global demand for healthy essentials specifically coconut-based products, will keep us strongly positioned in a post-pandemic environment,” stated Mr. Henry J. Raperoga, President and Chief Operating Officer of Axelum Resources Corp.
Looking ahead, Axelum is planning to launch new product variants targeted for the mainstream retail sector, aligned with its strategy to accelerate and unlock the massive potential of its B2C segment. To date, Axelum continues to install incremental production and storage capacity to reinforce manufacturing capabilities.
This press release may contain some statements which constitute “forward-looking statements” that are subject to a number of risks and opportunities that could affect Axelum’s business and results of operations. Although Axelum believes that expectations reflected in any such forward-looking statements are reasonable, it does not guarantee future performance, action or events.