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D&L sees record high earnings for 2022
By TED CORDERO,GMA Integrated News Listed chemicals and food inputs maker D&L Industries Inc. is expecting a record high bottom line this year despite the Omicron surge at the beginning of 2022.
“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,” D&L president and CEO Alvin Lao told reporters.
In the first nine months of 2022, D&L reported a net income of P2.5 billion, up 17% year-on-year and almost near the 2021 full-year earnings of P2.6 billion.
The company said its January to September 2022 net income was the highest nine-month net income level in its history.
Lao also reiterated the company's commitment to starting commercial operations at its expanded Batangas facility in May 2023.
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The total estimated capex for the new plant is around P10.2 billion.
As of end-September this year, the company had spent around P8.3 billion on the project.
The facility will mainly cater to D&L’s growing export businesses in the food and oleochemicals segments.
It will augment the capability to manufacture downstream packaging, allowing the company to capture a larger portion of the production chain.
During the 10th listing anniversary ceremony of D&L, Philippine Stock Exchange president Ramon Monzon said he was “confident that this net income growth trajectory will not only be maintained but will be surpassed.” — VBL, GMA Integrated News