Axelum's Full-Year 2021 Results Highlighted By Its Outperforming Pre-Pandemic Levels
Axelum Resources Corp. (PSE: AXLM), the country’s leading fully-integrated manufacturer, exporter, and retailer of globally in-demand consumer food essentials, primarily best-in-class premium coconut products, has disclosed its financial and operating results for the full-year 2021.
Photo Insert: Axelum is one of the major suppliers of Vita Coco in the Philippines.
Axelum generated sales of ₱6.36 billion, up 23% from ₱5.17 billion, primarily driven by higher volumes and average selling prices across core product segments. For white meat, desiccated coconut volume increased by 15% while sweetened coconut and coconut milk powder volumes grew in parallel by 7%.
Coconut water production remained in full swing, with delivered volume growth at 14%, eclipsing its previous high in 2020. Collectively, these core product segments accounted for 86% of the consolidated topline.
Gross profit rose 34% to ₱1.74 billion from ₱1.30 billion, with gross margin expanding to 27% from 25%, despite prolonged shipping challenges and elevated input costs. EBITDA climbed 37% to ₱1.15 billion from ₱837.41 million, resulting in a record-level pretax income of ₱896.04 million, up 56% from ₱573.65 million.
Excluding benefits of prior tax incentives for its coconut water segment, net income still managed to grow by 36% to ₱715.33 million from ₱526.41 million.
In terms of fiscal standing, Axelum is anchored by a solid balance sheet with a healthy cash position of ₱1.16 billion and a total debt-to-equity ratio of 0.10x as of December 31, 2021.
“We are seeing improvements in the overall business environment with global economic re-openings driving robust market demand and export activity. For this year, we are confident of sustaining our growth momentum with the easing of restrictions alongside remastered contingencies to respond to abrupt disruptions. At the same time, we continue to closely monitor the international shipping situation, domestic inflation, and other various headwinds to better cushion its impact,” stated Mr. Henry J. Raperoga, President and Chief Operating Officer of Axelum Resources Corp.
Based on recent external data, Axelum grew market share for desiccated coconut, coconut milk powder, and coconut water in the United States, its largest export destination. This reaffirms Axelum’s global market leadership and status as the preferred supplier of premium coconut products to renowned mainstream consumer brands.