Coconut products trader Axelum Resources Corp. on Monday reported 2022 net income rising 37 percent to P983.52 million from previous year’s P715.33 million on sustained global demand.
It posted sales of P7.04 billion, up 11 percent from P6.36 billion on stable volume, higher selling price and the impact of a stronger dollar.
Gross margins reached 30 percent due to the larger contribution of high-value products.
“Sustained global market demand, improved shipping conditions and the strength of the dollar catapulted us to historic levels for 2022. Looking ahead, we are determined to build on this momentum despite the prolonged effects of global macroeconomic headwinds, particularly geopolitical armed conflicts overseas and untamed inflation,” Henry J. Raperoga, president and COO, said.
The enterprise prepares to accelerate its consumer segment with the planned launch of new branded offerings to meet the increasing requirement for plant-based food substitutes due to emerging mainstream preference for vegan and non-dairy choices.
Axelum uses all the parts of the coconut in its production resulting to a full line of coconut products like coconut water, desiccated coconuts, coconut milk powder, coconut milk, reduced fat coconut, sweetened coconut, coconut oil and other coconut products.
Its main production facility is located in Medina, Misamis Oriental but has manufacturing and distribution facilities in the US and Australia.
The company caters to multinational food and beverage companies, confectioneries, bakeries. It also provides customized products to international and local brands.
