AXELUM Resources Corp. is allocating P500 million for is buyback program. 

The program will run for six months, which may be extended by another six months, the company said. 

It also reserves the right to increase the buyback fund depending on the availability of unrestricted retained earnings. 

The company reported t posted a profit of P208.16 million in the first half of the year, reversing last year’s P125.97 million loss. 

Sales grew 14 percent to P3.2 billion from P2.82 billion, over what it described at “robust volume growth of white meat business including desiccated coconut, coconut milk powder and sweetened coconut.” 

Earnings before interest tax depreciation and amortization hit P385 million, up from P25 million last year. 

“We continue to build on our recovery momentum from the previous quarter. In addition, we are seeing rising demand for our products in other key growth markets particularly in Europe and Asia. For the second half, we are aiming to outperform the first six months as we cater to the summer peak in the United States and year-end customer stocking requirements,” said Henry Raperoga, Axelum president. 

Raperoga said that Axelum has commissioned its new filling machine that is expected to boost production capabilities for coconut water by at least 30 percent annually, to serve rapidly-growing demand for this popular mainstream beverage. 

Recently, Axelum signed a multi-year renewal contract with Vita Coco, the world’s largest coconut water brand, to secure one of its major revenue streams in the long-term.