Food ingredients producer D&L Industries Inc. said Wednesday net income jumped by 31 percent in 2021 to P2.6 billion from a year ago, on higher volume and increased exports.
D&L said in a disclosure to the stock exchange total volume went up by 11 percent in 2021 from a year earlier, while export sales grew by 62 percent year-on-year.
“Our business faced incredible challenges during the pandemic. Now emerging two years later on a better footing both operationally and financially, with our earnings already back to pre-COVID levels, we feel that the company has not only proven but also strengthened its resilience,” D&L president and chief executive Alvin Lao said.
“While we are cautiously optimistic that we are likely at the tail-end of the pandemic, we remain focused on our core competencies, ready to ride another wave of volatility brought about by recent geopolitical uncertainties,” Lao said.
Lao said that despite the Ukraine-Russia war and continued increase in raw material prices, the company is expected to post better results in 2022.