Metro Manila (CNN Philippines, March 29) — Lao-owned D&L Industries Inc., a listed plastic and food input producer, saw its 2022 earnings climb 26% to ₱3.3 billion, reflecting its “full recovery” from the COVID-19 pandemic.
Its fourth-quarter financial results alone beat D&L’s expectations — with net income surging 62% to ₱777 million, mainly driven by robust consumer spending amid the reopening of the Philippines and the group’s export business.
D&L said its business segments – food ingredients, oleochemicals, and other specialty channels – all recorded earnings growth.
Just when we thought that we are at the tail end of the challenges brought about by the pandemic, 2022 presented a fresh set of challenges which were mostly on the macroeconomic front. Nonetheless, our record earnings this year demonstrated the resilience that we have built over the years through the various crises that we have gone through,” D&L President and CEO Alvin Lao said.Lao added that while the nagging inflation, looming US recession, and developments in the global banking sector continue to pose risks, D&L is confident “and focused on our long-term structural growth story.D&L is set to make its Batangas plant up and running by “mid this year.
