Integrated coconut product manufacturer Axelum Resources Corp. said it is poised to regain lost momentum due to the coronavirus disease 2019 (COVID-19) for the rest of the year.
“Despite the numerous challenges brought about by this ongoing pandemic, we continue to see improving performance and have returned to year-on-year revenue growth. We are confident of sustaining this uptrend through the end of the year and a sharp rebound in 2021,” said Henry Raperoga, Axelum president.
Raperoga said Axelum has commissioned its state-of-the-art pressed coconut water processing plant and has started producing this high-demand product variant for Vita Coco.
“Pressed coconut water offers a nuttier and sweeter taste than traditional coconut water without additional sugar content,” he said.
Axelum is expected to increase its coconut water production volumes with the commencement of commercial operations of the pressed coconut water line.
“ Axelum remains on-track to meet its commitment of at least 25 million liters of coconut water to anchor client Vita Coco this year,” Raperoga said.
Raperoga said Axelum is receiving increased orders of both organic and fair trade coconut products, generating higher selling prices and earning fair trade premiums that help coconut farmers enrolled in the fair trade program.
“Further supporting year-end performance will be the Christmas holiday season, which normally leads to a boost in both the domestic and export business,” he said.
Axelum is also finalizing the completion of its new spray-drying facility, which will double the potential output of its highly profitable organic coconut milk powder segment. The company is likewise aiming to broaden its domestic retail presence, particularly in the Visayas and Mindanao regions, through identified reputable local distributors.
“Offshore, Axelum is in discussions with new distribution partners for both existing and unserved markets,” Raperoga said.