Axelum Resources Corp. Reported P339 Million Profit for 9M24

Axelum Resources Corp. (AXLM), the country’s leading fully-integrated manufacturer and exporter of premium coconut products, discloses its financial and operating performance for the nine-month period ended September 30, 2024.

Axelum generated sales of P5.1 billion, up 20% compared to the same period last year, on the back of double-digit volume growth across core product segments including desiccated coconut, coconut water and coconut milk powder, which collectively account for 75% of total revenues. Gross profit rose 69% to P1.3 billion, with gross margin expanding to 24.4% from 17.3% in the previous year, owing to the increased contribution of high-value products and positive foreign exchange translation. Due to margin improvement, EBITDA posted at P604 million, while net income settled at P339 million, a sharp turnaround compared to a net loss of P428 million in the prior year.
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“Rising demand in key export markets continue to fuel our growth momentum. Positive macroeconomic tailwinds and normal shipping conditions will support consumption activity in the long-term. As we aim to close the year on a high note, we are at the same time gearing up for an even stronger showing in 2025,” stated Mr. Henry J. Raperoga, President and Chief Operating Officer of Axelum Resources Corp.

For the period, Axelum invested in upgrading manufacturing capabilities by deploying additional production capacity for its coconut water segment. Last April, Axelum secured a multi-year renewal contract with Vita Coco, the world’s largest coconut water brand, to lock-in one of its major revenue streams for the next decade. In addition, Axelum unveiled new retail product offerings in refreshed packaging designs, aligned with its strategy of pursuing new growth spaces for its consumer business. Moreover, Axelum strengthened its digital platforms to enhance customer lead generation and boost local online selling, which grew 40% year-on-year. Lastly, Axelum strategically onboarded highly-sought professionals to leverage on diverse industry experiences and technical expertise, which will complement its homegrown talent to drive innovation and optimize value creation.