Listed specialty chemicals and food ingredients manufacturer D&L Industries Inc. saw its bottom line reach pre-pandemic levels in the first half of 2021 on the back of the reopening of the economy during the period.
At a virtual press briefing on Wednesday, D&L president and CEO Alvin Lao reported that the company’s January to June net income stood at P1.395 billion, up 74% from P802 million in the same period last year.
The company’s first semester earnings is just 1% behind the P1.41 billion net income seen in the first half of 2019, before the COVID-19 pandemic.
D&L’s sales, meanwhile, totaled P13.9 billion, up 37% from P10.17 billion a year earlier.
In the second quarter alone, D&L’s bottom line amounted to P671 million, up 134% from P287 million year-on-year.
“Our strong earnings recovery in the second quarter 2021 suggests that things are much better compared to last year. It also demonstrates the essential nature and the resiliency of our underlying businesses,” Lao said.
“While Metro Manila has returned to stricter quarantine measures yet again in August, we do not expect a significant impact on our businesses, similar to what we have observed in the second quarter when enhanced community quarantine (ECQ) and modified ECQ were reimposed,” he added.
In the first half of the year, all of D&L’s business segments posted significant recovery for the period.
Its food ingredients business saw a 141% net income growth to P457 million from P190 in the first half of 2020.
Chemrez, D&L’s oleochemicals, resins, and specialty products segment, posted net earnings of P447 million, up 37% from P326 million year-on-year.
Specialty plastics saw a bottom line growth of 52% to P337 million from P221 million last year, while its consumer products ODM (original design manufacturer) segment posted a net income of P159 million, up 39% from P114 million.
“With more than a year into the pandemic, we find ourselves, as well as many of our customers, in a much better position operationally to navigate the current situation with minimal business disruption,” Lao said.
“Assuming that the income for the first half holds steady for the remainder of the year, we are set to reach our 2019 income level. Moreover, we see emerging positive catalysts in the horizon such as the onset of the Christmas season, an additional spending boost coming from the 2022 election campaigns, and progress on the country’s vaccination efforts that can provide upside surprises,” he said. -MDM, GMA News
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