LISTED Axelum Resources Corp. has planned about P350 million for its capital expenses (capex) in 2021 to help its development despite the coronavirus disease 2019 (COVID-19) pandemic.
In the regulatory filing on Thursday, the firm claimed that it had allocated the aforementioned sum to support the modernisation of infrastructure, the upgrading of its capability and new product research and development initiatives.
“The organization further aims to broaden its geographic presence both domestically and internationally by naming trustworthy sales partners in established main growth areas and intends to meet strategic and value-added goals for both acquisitions and joint projects,” the company said.
Axelum began the manufacture of pressed coconut water, which is the result of its Vita Coco customer. The business expects to achieve double-digit volume growth in its coconut water segment due to improved demand.
“Last year, we capitalized on downtime at our manufacturing facilities driven by the COVID-19 pandemic to expand the capability of established products and launch new items, all of which would fuel considerable growth in the future,” said Henry J. Raperoga, President and Chief Executive Officer of Axelum.
Axelum also runs its manufacturing lines at maximum potential for items such as coconut milk powder, desiccated coconut, coconut water, coconut cream and milk.
Citing industry analysts, the company said that the market for coconut milk powder is projected to expand rapidly due to its industrial applications and increased demand for organic coconut milk powder as a part of plant-based food items.
“We are approaching 2021 with a renewed sense of courage and hope rooted in our joint endeavors and the numerous learnings of the past year that have reinforced our character and resolve,” said Mr. Raperoga.
Axelum also confirmed an expansion of its equity buy-back policy to P500 million by 30 June 2021. As of writing, the organization has purchased 80.43 million treasury securities.