Axelum Resources Corp., a fully-integrated manufacturer and exporter of premium coconut food products, returned to profitability in 2024 on the back of record revenues.
Net income reached P688 million in 2024, a turnaround from a loss of P818 million in 2023, the company said in a disclosure to the stock exchange Friday.
Revenues hit an all-time high of P7.3 billion, up 29 percent from the previous year’s, led by robust volume growth across core product segments.
“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 chief operating officer Henry J. Raperoga.
Desiccated coconut and coconut milk powder volume rose 36 percent and 28 percent, respectively fueled by recovery in demand in key export markets.
Coconut water volume soared 37 percent to an all-time high and remains one of the fastest-growing beverage categories globally.
Axelum signed a multi-year renewal contract last year with Vita Coco, the world’s largest and most popular coconut water brand, securing a major revenue stream in the long-run.
It also fully-commissioned its new filling line, increasing its coconut water production by more than 30 percent.
Axelum extended its sourcing areas to guarantee sufficient quantities of fresh coconuts for its daily operational requirements.
Axelum aims to sustain its upward growth this year as it implements new growth strategies and continues to strengthen its institutional business by capitalizing on competitive advantages.
Axelum said it is also in advanced stages of new product development targeted for retail consumption, with planned launches slated within the year.
Axelum’s major export markets include the US, Canada, Australia, New Zealand, Europe, the Middle East and Japan.
The share price of Axelum closed unchanged at P2.04 Friday.
