Business World
Posted on 09:51 PM, March 14, 2010

EARNINGS OF listed biodiesel producer Chemrez Technologies, Inc. grew by over a quarter last year as orders picked up.

In a press release, Chemrez Technologies said its consolidated net income for 2009 grew by 26% to P468 million from P372 million the previous year. Net profit margin went up to 9% from 8%, with earnings per share up to P0.35 from P0.28 the prior year.

“This [higher profit] was due to higher sales volume, primarily the approval of the 2% biodiesel mandate or B2 effective February 2009 and higher sales of other oleochemicals,” the company said.

Consolidated sales increased by 10% to P5.1 billion last year from P4.66 billion the previous year.

While higher sales were recorded for biodiesel in 2009, “profit margin for this product decreased substantially, due to intense market competition.”

Chemrez, however, said its “oleochemical products other than biodiesel, which are mostly exports, experienced robust growth and good prices, pushed by the high demand for amides and esters as used for the detergent, soap and cosmetic sectors in overseas markets.” -- J. B. F. Santos