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Manufacturers of chemicals and food expect high profits in 2023.

D&L Industries, a producer of plastics and food components, is certain that as the economy continues to improve, record earnings will be surpassed in 2023.

Alvin Lao, president, and chief executive officer of D&L, said the opening of its Batangas factory by the middle of next year is expected to improve local and export sales in a media interview on Monday following the celebration of the company’s 10th listing anniversary.

The PEZA (Philippine Economic Zone Authority) zone is where our new plant is located. We are therefore obligated or required to export a minimum of 50% of our revenue as a Filipino company operating in a PEZA zone. We currently only export 33% of our income. But when the new factory is operational, the minimum percentage of exports (should be) 50%, so that will be one of our growth drivers to boost exports, he said.

Lao claimed that they are trying to break into new export markets in North America, Europe, and Asia.

“2022 was a good year, but 2023 will be even better… The world economy could resume development next year as the tourism sector hopefully recovers and opens up once again.

Lao claimed that although the company was negatively impacted by the spike in coronavirus disease 2019 (Covid-19) cases caused by the Omicron variety in the first quarter, it is anticipated to surpass its record performance from the year before the pandemic in 2018.

He claimed that as a result of the recent repeal of the mask requirement, more people will feel more comfortable leaving their houses, which should boost consumer spending and benefit their various enterprises.

As of the end of September 2022, the company’s net income increased by 17% annually to PHP 2.5 billion.

President of the Philippine Stock Exchange Ramon Monzon said, “I am confident that this net income growth trajectory will not only be maintained but will be surpassed in the coming years as the company’s new PHP10.2 billion facility in Batangas becomes operational next year, 2023,” at the bell-ringing ceremony for D&L’s 10th listing anniversary.

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