Axelum Resources Corp. Reported P208 Million in Net Income in H1-2024

Axelum Resources Corp. (AXLM), the country’s leading fully-integrated manufacturer and exporter of premium coconut products, disclosed its financial and operating results for first half 2024.

Axelum generated sales of P3.2 billion, up 14% compared to the same period last year, primarily driven by the robust volume growth of its white meat business including desiccated coconut, coconut milk powder and sweetened coconut. Gross profit registered at P735 million, up 50% versus first half 2023, with gross margin translating to 23% despite elevated input costs and lower average selling prices, which was offset by the increased contribution of high-value products. EBITDA posted at P385 million, significantly up from P25 million in the prior year, while net income settled at P208 million.
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“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. 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,” stated Mr. Henry J. Raperoga, President and Chief Operating Officer of Axelum Resources Corp.

To date, Axelum has commissioned its new filling machine that is expected to boost production capabilities for coconut water by at least 30% annually, to serve rapidly-growing demand for this popular mainstream beverage. Recently, Axelum signed a multi-year renewal contract with Vita Coco, the world’s largest coconut water brand, to secure one of its major revenue streams in the long-term.

Further, Axelum’s local business grew double-digit for the period due to the relaunch of existing products, intensified promotional campaigns and strong performance of its online selling platforms. On the consumer space, Axelum is currently developing multiple incubator concepts in the all-natural food category targeted for domestic and international retail markets. This move is aligned with Axelum’s main strategy of pursuing new growth spaces to capitalize on its core competencies and maximize value creation.