Strong sales boost Axelum profit in first semester

MANILA, Philippines — A double-digit spike in sales boosted earnings of Axelum Resources Corp. by six percent to P220 million in the first half.

The listed integrated manufacturer and exporter of premium coconut products generated sales of P4.5 billion from January to June, higher by 40 percent from a year ago as a result of robust volume growth and higher average selling prices across most product segments.

Axelum said that core white meat products including desiccated coconut, sweetened coconut and coconut milk/cream, which accounted for more than half of total revenues, registered growth during the period.

Coconut water, the fastest-growing product segment, also increased by 28 percent and is on track to achieve record production output this year.

In terms of geography, Axelum registered double-digit growth for all key export markets including the United States, Europe, Australia and Asia, while domestic sales skyrocketed by 56 percent due to broader distribution channels and an emerging institutional business.

“Rising demand continues to fuel heavy consumption of coconut-based products despite prolonged global supply shortfalls, resulting to unprecedented commodity prices,” Axelum president and chief operating officer Henry Raperoga said.