D&L Industries Inc., a producer of specialty food ingredients and oleochemicals, is optimistic about achieving double-digit growth by the end of the year.

During the firm's annual stockholders' meeting on Monday, D&L President and CEO Alvin Lao said the optimism is driven by the company's new plant in Batangas, which is projected to jack up the exports and account for half of the company's revenues in two to three years.

"Barring any unforeseen event, we keep our stance and continue to guide for at least double-digit growth in earnings for this year. Over the longer term, we have a lot of confidence that the new investments we have made over the past years will pave the way for higher and more sustainable profit growth," Lao said.

"With the help of our Batangas plant, we are on track to reach one of our BHAGs or Big Hairy Audacious Goals for exports to eventually account for at least 50 percent of our total sales," he added.

During the first quarter, D&L's exports recovered with revenues up by 39 percent year-on-year, bringing the export contribution to total sales to almost a record high of 32 percent.

This is expected to rise to the mid-to-high 30s by the end of 2024.

Likewise, D&L Industries declared cash dividends amounting to P1.49 billion consisting of a regular cash dividend of P0.161 per share, plus a special cash dividend of P0.048 per share.

Shareholders of record as of 19 June are entitled to the dividend.

Ex-date is on 18 June and payment will be made within 30 days of the dividend declaration or on 3 July.

All in all, this year's payout ratio remains at 65 percent of the prior year's net income, which is at par with the payout ratio in 2022 and 2023.

This year's dividend translates to a 3.3 percent yield based on May 31's closing price of P6.28 per share.

Including this year's payment, the company has returned P16.8 billion in cash to shareholders through dividends since the IPO in 2012.

The company also paid a 100 percent stock dividend in September 2015.

As of end-March, D&L posted a 4 percent year-on-year growth in earnings for the quarter to P618 million driven by the steady and consistent ramp-up in operations of the Batangas plant.