Axelum Resources posts P688-million net income in 2024

Listed premium coconut product exporter Axelum Resources Corp. reported a net income of P688 million in 2024, a strong rebound from the P818-million net loss it recorded the previous year.

The turnaround was driven by double-digit sales growth, boosted by a renewed supply agreement with global coconut water brand Vita Coco.

Full-year revenues rose 29% to P7.3 billion, with significant volume increases across key product lines: desiccated coconut up 36%, coconut milk powder up 28%, and coconut water up 37%, amid resurgent demand in major export markets.

Gross profit nearly doubled, rising 96% to P1.9 billion, translating to a 26% gross margin. Pre-tax income came in at P777 million, a sharp reversal from the P986 million pre-tax loss in 2023.

“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 Axelum President and COO Henry Raperoga.

Axelum operates its main production facility in Medina, Misamis Oriental, and has manufacturing and distribution hubs in the United States and Australia.

Its products are supplied to multinational food and beverage companies, confectioneries, bakeries, and customized for both international and local brands.

The company’s export footprint includes the US, Canada, Australia, New Zealand, Europe, the Middle East, Japan, and other key Asian markets. — DVM, GMA Integrated News