According to First Metro Investment Corporation (FMIC), the economy would expand by 6 to 7…
D&L’s CEO expects revenue to break records in 2022.
D&L Industries, a manufacturer of plastics and food components, has reported a 17% year-over-year increase in net income as of the end of September 2022, totaling PHP2.5 billion, giving its senior executive hope that the company will beat its pre-pandemic 2018 achievement.
Alvin Lao, president and chief executive officer (CEO) of D&L Industries, stated in a virtual briefing on Tuesday that the company’s net income through the first three quarters of this year is virtually on par with the PHP2.6 billion net income generated in 2021.
According to him, there is a chance that we will surpass our record for the year, which was set in 2018, as the fourth quarter “looks strong.”
In 2018, the company’s net income was PHP3.2 billion.
Lao attributed the “pretty strong” performance of the economy throughout the first nine months of this year to its ongoing reopening.
Despite the potential of so many coronavirus illness variations in 2019, he claimed that people are still wary but are now more willing to venture outside (Covid-19).
The company’s fourth-quarter result, according to Lao, “can only be excellent,” saying that due to the mobility limitations, the same period last year was “very terrible.”
He claimed that the economy has promising prospects for 2023, in part because of the government’s assurance that widespread lockdowns won’t be implemented.
Lao claimed that although if the virus still infects certain people, the impact is not as severe as it once was because the vast bulk of the population has received vaccinations.
He claimed that the domestic and international economies both appear to have bright futures, which is why he is optimistic about the company’s future.
D&L reported a net income of PHP910 million for the third quarter alone, which was its largest quarterly income to date and an increase of 18% over the same period the previous year.
Lao ascribed this to the economy’s ongoing openness and the growth of exports.
Given its diversified operations, the necessity of the goods it produces, and its capacity to periodically modify its selling prices, he added, “the robust earnings also indicate D&L’s ability to weather various macroeconomic conditions.”
According to Lao, the launch of operations at their Batangas plant is anticipated to considerably increase their capacity and net profits.
In order to increase our global footprint and strengthen our R&D (research and development) and manufacturing skills, he said, “this will be crucial in enabling our next leg of expansion.”
As of the end of September this year, the corporation had invested roughly PHP8.3 billion in the Batangas plant, despite the fact that the estimated capital cost for this is PHP10.2 billion.
The company’s export sales, which made up 33% of overall sales in the first nine months of this year, increased by 60% year over year.
Coconut and palm oils are among the goods it exports.
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