Metro Manila (CNN Philippines, June 7) — D&L Industries, a plastic and food input producer listed on the Philippine Stock Exchange, expects to post stronger figures this 2021, with optimism buoyed by the country’s vaccine rollout development.
“[We’re] looking a little more optimistic… [Our performance will be] ahead of 2020, even ahead of 2019,” D&L president and chief executive officer Alvin Lao said in the group’s annual stockholders’ meeting on Monday.
In the first period, D&L saw its net income rise to ₱695 million from ₱515 million in the same period last year. The company’s sales also increased by 23% to ₱7 billion from last year’s ₱5.67 billion.
Lao said the strong trend is expected to continue for the majority of its products, catering to basic essential industries such as food, oleochemicals, plastics and cleaning chemicals as Filipinos have started embracing the new normal arising from the coronavirus pandemic.
In a media briefing, the D&L official said the company may also have a lift from the 2022 elections, having witnessed a similar “boost from the 2016 elections.”
D&L shareholders also approved on Monday the plan to raise up to ₱5 billion from its maiden bond offering consisting of a principal amount of up to ₱3 billion and an oversubscription option of up to ₱2 billion. Proceeds from this issuance will help finance its expansion plants in Batangas.
D&L’s shares went up 1.39% to finish at ₱8.05 each on Monday.
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The listed firm also declared cash dividends amounting to ₱1.36 billion.
