COCONUT EXPORTER Axelum Resources Corp. has strengthened its coconut milk powder production after projecting the segment will be vital to its future plans.
In a stock exchange disclosure on Thursday, the company said it has increased its production capability of organic coconut milk powder to 1,500 metric tons (MT) yearly.
Aside from being an ingredient for food, the company said organic coconut milk powder is also used as raw input for collagen-based products.
“Better production capacity was required not only because of the strong growth prospects of the industry, but also specific customer needs including one of the largest and fastest growing American collagen brands, which is penetrating into Asia and Europe, has sought Axelum’s support in adding capacity to be able to service their organic coconut milk powder requirements,” the company said in a statement.
Henry J. Raperoga, president and chief operating officer of Axelum Resources, said the sustained demand for its coconut milk powder bodes well for the company’s growth.
“Organic coconut milk powder remains one of our most profitable products given its unique characteristics and premium pricing,” Mr. Raperoga was quoted as saying.
Axelum said its coconut milk powder segment accounted for 15% of its revenues during the first nine months of the year.
The company said coconut milk powder is often used as a culinary ingredient for baked goods, curry dishes, packed food sauces, and confectioneries.
“Organic coconut milk powder, is a fine, creamy white meat substance squeezed from fresh coconut milk that is dairy-free and made from all-organic components,” it said.
The company’s net income fell 37.1% to P383.1 million in the first nine months, while its sales reached P3.75 billion.
Axelum shares at the stock exchange rose 1.37% or five centavos to end at P3.70 apiece on Thursday. — Revin Mikhael D. Ochave
