AXELUM Resources Corp. on Friday said its net income nearly doubled in the first quarter of 2026 to P267 million, driven by stronger export sales, improving product mix, and foreign exchange gains.
The listed coconut food products manufacturer said net income jumped 94 percent from the same period last year, while pre-tax profit rose 89 percent to P290 million.
“Coming off a high base in 2025, we still managed to demonstrate growth despite an increasingly challenging operating environment,” Axelum President and CEO Henry Raperoga said.
“We feel the broader consequences of the Middle East conflict, particularly its disruptive effects on the pricing fundamentals for commodities and ocean freight,” he added.
Raperoga said the company would adopt a more tactical approach in capital spending to manage prolonged market uncertainty, while pursuing growth opportunities.
Consolidated revenues increased 7 percent to P2.3 billion, supported by higher sales volumes and improved average selling prices across key product segments.
Gross profit climbed 15 percent to P570 million, with gross margin expanding to 24 percent due to higher contribution of premium and value-added products. Earnings before interest, taxes, depreciation and amortization (Ebitda) surged 59 percent to P367 million.
Axelum said white coconut meat exports to North America rose 16 percent, while shipments to Australia climbed 53 percent.
Sales to Asia more than doubled, driven by new customer accounts and larger order book.
Domestic sales also grew 2 percent as recently launched products gained traction across retail outlets and online platforms nationwide.
Axelum said it maintained a strong financial position, with cash and cash equivalents reaching P3.4 billion as of end-March.
The company’s current ratio stood at 4.2, while debt-to-equity ratio remained low at 0.2. Annualized return on equity was at 9 percent.
Moving forward, Axelum said it would prioritize new product development and continue implementing cost-efficiency measures through inventory management, process streamlining and optimized resource utilization.
“We move forward with guarded optimism amid global economic complexities, with a stronger focus on ensuring a resilient supply chain, operational adaptability and strategy execution,” Raperoga concluded.
Axelum’s share price was unchanged at P2.83 each on Friday.
