In a stock exchange filing on Monday, Axelum said sales rose 14 percent to P3.2 billion pesos, driven by white meat products like desiccated coconut and coconut milk powder.
Gross profit increased by 50 percent to P735 million pesos, with a 23 percent gross margin. EBITDA surged to P385 million pesos from P25 million pesos, and net income reached 208 million pesos.
Axelum, partly owned by tycoon Manuel V. Pangilinan-led Metro Pacific Investments Corp., boosted coconut water production by 30 percent with a new filling machine and renewed a multi-year contract with Vita Coco.
Local business grew double digits due to product relaunches and strong online sales.
What management says
“We continue to build on our recovery momentum from the previous quarter. In addition, we are seeing rising demand for our products in other key growth markets particularly in Europe and Asia,” said Henry J. Raperoga, president and chief operating officer of Axelum.
“For the second half, we are aiming to outperform the first six months as we cater to the summer peak in the United States and year-end customer stocking requirements,” he added.
