Axelum Resources Corp. has allocated around P350 million for capital expenditures (capex) this year to finance its equipment modernization, capacity upgrades, plant improvements, and new product research and development. According to a disclosure on Thursday, the listed coconut product manufacturer looks to widen its market reach by appointing reputable distribution partners in identified key growth areas. According to him, Axelum improved its capacity while the coronavirus crisis temporarily halted operations. Earlier, Axelum reported that its net income and sales grew to P180.16 million and P1.37 billion, respectively, on strong demand for its products, particularly coconut water and coconut milk powder. Axelum shares shed 5 centavos or 1.53 percent to finish at P3.22 each on Thursday.

Source: Manila Times January 07, 2021 16:52 UTC