Axelum swings to P688M profit on export boom

Axelum Resources Corp., a producer of premium coconut products, posted a net income of P688 million in 2024, reversing a net loss of P818 million in 2023. The turnaround was driven by renewed export demand, a higher share of high-value products, and improved market conditions.

In a report on Monday, the company said pre-tax income reached P777 million, recovering from a pre-tax loss of P986 million the previous year.

Gross profit nearly doubled to P1.9 billion, up 96 percent, resulting in a gross margin of 26 percent. The company attributed this to a larger contribution from high-value products, higher average selling prices, and enhanced dollar conversion. EBITDA stood at P1.1 billion.

Revenues hit a record P7.3 billion, up 29 percent year-on-year, driven by strong volume growth across core product segments. Desiccated coconut and coconut milk powder volumes rose 36 percent and 28 percent, respectively, due to renewed demand in key export markets.

Coconut water volume grew 37 percent to an all-time high, as it continues to be one of the fastest-growing beverage categories globally.

“Our turnaround strategies delivered positive results with some of our core product segments reaching new highs owing to proper execution and improved market conditions,” said Henry J. Raperoga, President and Chief Operating Officer of Axelum Resources Corp.

For 2025, Axelum said it is in a strong position to pursue growth initiatives. It plans to strengthen its institutional business by leveraging its industry position and competitive advantages.

The company is also in the advanced stages of developing new consumer products for retail, with launches scheduled within the year.

Last year, Axelum secured a multi-year renewal contract with Vita Coco, the world’s largest and most popular coconut water brand, ensuring a major revenue stream over the long term.