Listed chemicals and food ingredients manufacturer D&L Industries Inc. saw its earnings for the first half of 2022 surpass pre-pandemic levels despite the Omicron surge early this year and the rise in commodity prices.
In a disclosure to the Philippine Stock Exchange on Wednesday, D&L reported a net income of P1.6 billion—representing the highest first half income level in the company’s history.
The first semester earnings also grew 17% from P1.395 billion recorded in the same period last year and 15% higher than P1.4124 billion booked in pre-pandemic first half 2019.
At a virtual press briefing, D&L president and CEO Alvin Lao said the “better-than-expected” earnings were mainly driven by the “continued economic reopening which was felt in all of the company’s segments.”
“While COVID cases are on the rise again, most cases are mild and the government’s shift away from a lockdown strategy should bode well for continued economic growth and business optimism,” he said.
“Our record first half 2022 results demonstrate that despite various global macroeconomic headwinds, our company is benefiting from renewed business momentum amidst economic reopening and pent up demand from the past two years,” he added.
The company said it remains committed to its Batangas expansion which is set to start commercial operations in January 2023.
D&L made several additions and upgrades to the original plan, which resulted in an increase in the budgeted capex from P9.1 billion to P10.2 billion.
As of end-June 2022, the company has spent around P7.8 billion for the project.
In September 2021, the company executed its maiden bond offering, successfully raising P5 billion to help fund the remaining capex for this expansion.
The expanded facility will mainly cater to D&L’s growing export businesses in the food and oleochemicals segments.
According to D&L, the facility will allow the company to add the capability of producing downstream packaging, allowing it to capture a larger portion of the production chain.—AOL, GMA News
D&L books P1.6B net income in H1
Source: News Panda Philippines
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