Axelum Resources Corp., the country’s leading fully-integrated manufacturer and exporter of premium coconut products, plans to spend up to P400 million to deploy additional capacity and upgrade its equipment and facilities this year.
“The prior year saw a unique opportunity to revisit our fundamentals and strategies, as we gear up to restart our momentum in 2024. To date, we are already seeing positive macro indicators particularly tempering inflation and anticipated interest rate cuts, which are seen to fuel consumer activity in our largest export market,” said Henry Raperoga, president and chief operating officer of Axelum.
For 2023, Axelum generated sales of P5.7 billion, primarily driven by the steady performance of its coconut water and coconut milk/cream segments and a 17 percent growth in gross profit to P970 million. But with cost and expenses undermining profit, the company booked a core net loss of P158 million last year.
The weaker-than-normal performance was mainly attributed to the pandemic-induced shipping crisis, which resulted to unusually higher customer inventory levels, combined with slower demand across key markets in the near-term.
Recently, Axelum unveiled key strategies targeting high-value opportunities to anchor future growth.
Axelum is determined to further strengthen its institutional business by acquiring new customers through enhanced lead generation capabilities to penetrate unserved or underserved areas. It will also aggressively pursuing new growth spaces to unlock the massive potential of its consumer business. At present, Axelum is developing multiple incubator product concepts aimed towards the allnatural retail market.
Axelum plans to relaunch its sustainability agenda that includes long-term objectives across its main pillars; education, livelihood, health and climate.
