D&L sees breaking profit record
Just the fact that in 2022 we had an Omicron surge, I thought we would write off this year, but we recovered
Daily TribuneJust the fact that in 2022 we had an Omicron surge, I thought we would write off this year, but we recovered
PSE president and CEO Ramon Monzon (left) hands the anniversary plaque to DNL president and CEO Alvin Lao. D&L Industries Inc. celebrated its 10th anniversary as a publicly listed company through a bell ringing ceremony at the Philippine Stock Exchange on 12 December, which is exactly a decade after its initial public offering listing. DNL raised P5.3 billion from the sale of its primary and overallotment shares in 2012. | Photograph courtesy of D&L Industries Inc.
Listed chemicals and food ingredients manufacturer D&L Industries Inc. expects to close the year with record-high profits despite the Omicron surge in January and the sharp increase in commodity prices.
In an interview with reporters following its 10th listing anniversary ceremony on Monday, D&L president and chief executive officer Alvin Lao said the company sees its 2022 records surpassing its 2018 performance with its non-food business as the top growth driver.
"Just the fact that in 2022 we had an Omicron surge, I thought we would write off this year, but we recovered. We are also going to hit record earnings this year, implying that next year should be better than this year since it looks like there will be no lockdown anymore," Lao told reporters.
Income hits P2.5B
The company booked a net income of P2.5 billion from January to September, 17 percent higher than the bottom line figure reported in the same period a year ago.
Almost at par with the P2.6 billion net income for the full-year 2021, the company's net income represented the highest nine-months earnings level in its history.
Lao also reiterated the company's commitment to starting the commercial operations of its Batangas facility expansion in May 2023.
Philippine Stock Exchange President Ramon Monzon, meanwhile, said he is "confident that this net income growth trajectory will not only be maintained but will be surpassed" in the coming years as the company's new P10.2 billion facility in Batangas becomes operational.
