Axelum Resources Corporation, the country’s leading fully-integrated premium coconut products manufacturer, reported a 37 percent growth in net income to P983.52 million in 2022. In a disclosure to the Philippine Stock Exchange, the firm said it generated sales of P7.04 billion, up 11 percent from P6.36 billion in the previous year. “Double-digit topline growth was driven by stable volumes, higher average selling prices and the impact of a stronger dollar,” Axelum said. Gross profit rose 21 percent to P2.11 billion, translating to an industry-leading gross margin of 30 percent, due to the larger contribution of high-value products. EBITDA expanded 31 percent to P1.50 billion, with a corresponding EBITDA margin of 21 percent, mainly attributed to revenue growth, margin expansion, cost rationalization and foreign exchange gain. “Sustained global market demand, improved shipping conditions and the strength of the dollar catapulted us to historic levels for 2022,” said Axelum President and Chief Operating Officer Henry J. Raperoga. He added that, “Looking ahead, we are determined to build on this momentum despite prolonged effects of global macroeconomic headwinds particularly geopolitical armed conflicts overseas and untamed inflation.” To date, Axelum is gearing up to accelerate its consumer segment with the planned launch of new prime branded offerings to meet increasing requirements for plant-based food substitutes due to emerging mainstream preference for vegan and non-dairy choices. This forms part of Axelum’s strategy to unlock its massive retail potential in the long-term by leveraging on its proven manufacturing and export model.