Despite the Omicron surge in January and the sharp increase in commodity prices, listed chemicals and food ingredients manufacturer D&L Industries Inc. managed to surpass its pre-pandemic earnings during the first half of the year.
The company booked a net income of P1.6 billion during the January to June period, 17 percent higher year-on-year (YoY) — representing the highest first-half earnings level in the company’s history.
During the second quarter alone, being the first full quarter with eased virus restrictions, D&L’s earnings recovered strongly to P851 million, up 12 percent and well above the pre-pandemic level.
At a press conference on Wednesday, D&L President and CEO Alvin Lao attributed the “better than expected” performance to the renewed business momentum amid economic reopening and pent-up demand from the last two years.
“Beyond the forces supporting demand hinged on the economic reopening, we see a structural growth story for the company underpinned by our growing global footprint and advancing R&D and manufacturing capabilities with the commercial operations of our new plant in Batangas by early next year,” Lao said.