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D&L Industries Reports FY21 Results

Commercial Operations of D&L’s Natura Aeropack Plant moved to January 2023

D&L Industries’ reports 9M21 results

November 10, 2021 – D&L Industries saw earnings recover strongly in the third quarter of 2021 (3Q21), with 3Q21 net income surging +25% vs. 3Q19 and 9M21 net income growing by +7% vs. 9M19. Year-on-year, 3Q21 net income grew by +34% to P768 million. This brings earnings for the first nine months of the year (9M21) to P2.163 billion, an increase of +57% YoY.

D&L’s export revenues have already overtaken imported costs, provides natural hedge against continued peso weakness

October 21, 2021 - D&L’s export business has continued to show robust growth amidst the pandemic. With exports sales in the first half of the year more than doubling vs pre-pandemic level in 2019 and increasing by 70% vs 2020, the company’s dollar inflow has already overtaken the dollar value of its imported raw materials. As such, from a net importer since practically its inception, the company has now become a net exporter of goods, and is positioned to marginally benefit from a stronger US dollar. As of the first half of the year (1H21), D&L’s export sales accounted for 33% of its total revenues. Meanwhile, imported raw materials accounted for 47% of total raw material costs.

D&L Industries remains committed to R&D and innovation amidst the pandemic

September 24, 2021 - D&L Industries which prides itself on being an innovation powerhouse in the country, plans to continue to beef up its R&D investments to develop more innovative products even amidst the various uncertainties surrounding the pandemic. With its successful maiden bond offering worth P5 billion, the company has fully secured financing for its Batangas expansion plan. This new facility is envisioned to be a world-class manufacturing plant which boasts of its cutting edge R&D and innovation capabilities.

D&L’s maiden bond offering almost 5x oversubscribed; sets interest rates at the tight end

September 2, 2021 - D&L’s maiden bond offering garnered strong support from fixed income investors as total bids received amounted to P13.8 billion, which is equivalent to 4.6x the base offer size of P3 billion. In light of the robust demand, D&L’s management expects the exercise of the oversubscription option of up to P2 billion. Upon full exercise of that option, the issue size will increase to P5 billion, composed of a P3 billion bond with a tenor of 3 years (Series A Bonds) and a P2 billion bond with a tenor of 5 years (Series B Bonds).

D&L’s maiden bond offering gets greenlight from the SEC

August 26, 2021 - D&L Industries has secured approval from the Securities and Exchange Commission (SEC) for its maiden bond offering. The company plans to issue a base offer of up to P3 billion with an oversubscription option of up to P2 billion with a tenor of 3 and/or 5 years. The offer period will run from September 1 to September 6, 2021 while issue and settlement date will be on September 10, 2021. Philratings rated the bonds PRS Aaa with Stable Outlook, the highest rating assigned by the agency. D&L tapped Chinabank Capital as the sole issue manager, lead underwriter, and sole bookrunner.

D&L Industries’ reports 1H21 results

August 11, 2021 - D&L Industries’ strong recovery continued in the second quarter of 2021 (2Q21), with earnings growing +134% year-on-year to P671 million. This brings earnings for the first half of the year (1H21) to P1,395 million, +74% YoY. All segments posted significant recovery YoY with consolidated income already at pre-COVID level. Earnings before interest and taxes was higher by 48% YoY.

Earliest Start of Commercial Operations for D&L’s Batangas plant moved to May 2022

August 4, 2021 - The earliest start of commercial operations (SCO) for D&L Industries’ Batangas plant will be moved to May 2022 following an SCO extension granted by the Board of the Philippine Economic Zone Authority (PEZA) to D&L Premium Foods Corp (DLPF) during its 23 July 2021 meeting.

Highest Credit Rating Assigned to D&L Industries, Inc.’s Maiden Bond Issuance

Philippine Rating Services Corporation (PhilRatings) assigned an Issue Credit Rating of PRS Aaa, with a Stable Outlook, for D&L Industries, Inc.’s (D&L) proposed P3.0 billion maiden bond issuance, with an Oversubscription Option of up to P2.0 billion.