Lao-owned D&L Industries Inc. ended the first nine months of the year with a 17-percent growth in earnings, supported by revenues from exports of coconut-based products and the overall market recovery with the easing of mobility restrictions.
The food ingredients and plastics manufacturing giant grew its net income for the period to P2.5 billion from P2.16 billion a year ago. This latest figure nearly matched the P2.6-billion full-year earnings in 2021.
“With the strong earnings momentum so far this year and near-term catalysts such as the anticipated holiday-induced spending and the lifting of mask requirements indoors, our earnings are on track to possibly exceed our record net income booked in 2018,” D&L president and CEO Alvin Lao said. It booked P3.2 billion profit in 2018.
D&L said its export business was showing resilience, with its unit Chemrez booking an over 50-percent increase in earnings in January to September.
It was mainly driven by higher demand for sustainable, organic and natural coconut oil-based raw materials used in health, personal and home care products.
The company expects to boost its export segment through its P10.2-billion Batangas expansion plant, which is set to start commercial operations next year. It has spent about P8.3 billion for the project, noting that about P1 billion more would be spent until next year.