Axelum Resources Posts P688 Million Income for 2024

Axelum Resources Corp. (PSE: AXLM), the country’s leading fully-integrated manufacturer and exporter of premium coconut food products, discloses its financial and operating performance for full year 2024.

Axelum generated record sales of P7.3 billion, up 29% from the previous year, driven by robust volume growth across core product segments. Desiccated coconut and coconut milk powder volume rose 36% and 28%, fueled by resurgent demand in key export markets. Coconut water volume soared to an all-time high, up 37% and remains to be one of the fastest-growing beverage categories globally. Last year, Axelum sealed a multi-year renewal contract with Vita Coco, the world’s largest and most popular coconut water brand, to secure a major revenue stream in the long-run. For 2024, Axelum’s revenue trajectory significantly outpaced forecasted industry growth, signaling increasing market share in existing markets.

Gross profit went up 96% to P1.9 billion, translating to a healthy gross margin of 26%, due to larger contribution of high-value products, higher average selling prices and enhanced dollar conversion. EBITDA registered at P1.1 billion, while pre-tax income stood at P777 million compared to negative P986 million in 2023. Net income settled at P688 million, a complete reversal from a loss of P818 million in 2023.

“Our turnaround strategies delivered positive results with some of our core product segments reaching new-highs owing to proper execution and improved market conditions,” stated Mr. Henry J. Raperoga, President and Chief Operating Officer of Axelum Resources Corp.

For 2025, Axelum is in a strong position to implement its growth strategies as it aims for next-level growth. Axelum continues to strengthen its institutional business by capitalizing on its solid industry footing and unique competitive advantages. On the consumer front, Axelum is in advanced stages of new product development targeted for retail consumption, with planned launches slated within the year.