Food ingredients and plastics producer D&L Industries Inc. expressed hope that election-related spending and the continued reopening of the economy will boost next year’s net income to match the record P3.17 billion posted in 2018.
D&L president and chief executive Alvin Lao said in a press briefing its food business, which accounts for 60 percent of revenues, is expected to perform better next year on election-related spending and increased economic activity amid easing mobility restrictions.
The completion of a new manufacturing facility in Batangas in the first half of 2022 will also boost the export business, he said.
“Going forward, the prospects of our overall business look promising. On the domestic side, the government continues to roll out its vaccination campaign in Metro Manila and beyond, which provides support and justification for easing movement restrictions. This will provide another boost to economic activity and further recovery,” Lao said.
Lao said full-year profit in 2021 would exceed the P2.6-billion net income registered in 2019, prior to the pandemic.
D&L registered a net income of P2.16 billion in the first nine months, up 57 percent from a year ago.
“Our third-quarter numbers place us in a good position to achieve full-year pre-pandemic income levels, an outstanding achievement given the macroeconomic challenges that continue to weigh on economic recovery globally,” Lao said.
Most business segments continued to post significant growth this year.