Publicly listed, Chemrez Technologies Inc, announced a net income of P308.5 million for the earning period despite the slowdown in the world economy. They also reported a gross profit margin of P402.8 million, which is better by 17% from last year and an improved net profit margin of 13% compared to the previous year.
Income for the same period as last year however is down 3.2 percent from P2.45 billion due to price adjustments made to cope with the weakening global demand.
Chemrez’s Oleochemical and Biodiesel sales grew by 51%. Chemrez is currently the top biodiesel producer in the country with a 50% share of the market. With the biofuel law in place in the Philippines, it guarantees a steady market for Chemrez as the law mandates that biofuels be mixed with regular fuel sold at the pump.
The publicly traded Chemrez has been pretty consistent too with declaring stock dividends year after year. Competition however is starting to creep up however as the Department of Energy has registered 12 local biodiesel manufacturers as of June 2009. The company however doesn’t have to rely only on its biodiesel business for income as it produces other resins and chemicals for export.
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Category: Biodiesel
