D&L sees return to 2019 levels on strong H1 results

MANILA, Philippines — D&L Industries, the listed chemicals and food ingredients manufacturer, expects to hit 2019 levels this year on the back of strong first half results.

In a press briefing Wednesday, D&L president Alvin Lao said earnings for the first half amounted to P1.4 billion, up 74 percent as all segments posted significant recovery.

The company posted a recurring net income of P2.6 billion in 2019.

The next target, Lao said, is to go back to 2018 net income level of P3.2 billion.

“Our strong earnings recovery in the second quarter suggests that things are much better compared to last year. It also demonstrates the essential nature and the resiliency of our underlying businesses,” Lao said.

He said many of the company’s customers are in a much better position operationally to navigate the current situation with minimal business disruption despite the current round of strict lockdowns.

“Overall, we remain optimistic and excited about the future prospects of our business, especially with our Batangas plant coming online in the next couple of quarters,” he said.

All of the company’s business segments posted significant recovery for the period as customers found new ways to continuously operate despite various mobility restrictions.

“This is true, not just for the chemicals segment but also for the food ingredients space wherein many food companies are now better-equipped to service customers on a 100 percent takeout or delivery basis,” the company said.