D&L Industries Inc., a producer of specialty food ingredients and oleochemicals, expects to surpass last year’s P2.3 billion profits amid an anticipated surge in fourth-quarter performance.

During a media briefing on Wednesday, D&L President and CEO Alvin D. Lao reported that the firm’s net income for the first nine months reached P1.8 billion, which means that the company only needs an additional P520 million to match 2023’s full-year profit.

“We did P493 million in the third quarter. The fourth quarter should be better, especially for the food segment because it’s the Christmas season so we should see 2024 better than last year,” Lao said.

While he acknowledged that it is premature to determine the precise increase in earnings in the last quarter, he noted that consumer spending remained robust during this period despite price increases.

3-qtr. profit up

For the first nine months, D&L’s recurring income grew by 1 percent year-on-year, totaling P1.8 billion.

In the third quarter alone, earnings stood at P493 million, reflecting an 11 percent year-on-year decline, primarily due to a higher cost base from the recent commissioning of new production lines at the company’s Batangas plant.