By Donnabelle L. Gatdula (The Philippine Star) Updated May 07, 2010 12:00 AM

MANILA, Philippines - Chemrez Technologies Inc., the country’s top biodiesel, resins and oleochemical producer, posted a 22-percent jump in its consolidated net income to P160 million in the first quarter of 2010 from P131.7 million in the same period last year.

The company, which is listed at the Philippine Stock Exchange, said the improvement could be attributed to the strong growth in all the firm’s product segments: biodiesel, oleochemicals, resins and powder coating.

Biodiesel remains the biggest revenue driver, contributing about half of two percent biodiesel (B2) sales. This was due primarily to the approval of the mandate effective February 2009.

The green technology company reported that its consolidated revenues are back to pre-crisis (2008) levels. It reported that consolidated revenues rose to P1.4 billion in the first quarter this year from P1.15 billion in the first quarter of 2009.

ChemrezTech reported that a higher portion of profits came from segments other than biodiesel. Sales of oleochemicals and resins doubled during the quarter compared to the first quarter last year as demand for amides and esters used by the detergent, soap and cosmetic sectors also increased.

The firm reported a 26- percent hike in consolidated net income to P468 million last year from the P372 million in 2008 as sales grew despite the global economic crisis and the impact of strong typhoons in 2009.

The green technology innovator reported that its net profit margin improved to nine percent from eight percent in 2008 while earnings per share increased to 35 centavos from 28 centavos in 2008.

ChemrezTech said the higher profits came on the back of a 10-percent gain in consolidated sales to P5.1 billion in 2009 from the P4.66 reported in the previous year.

“This was due to higher sales volume and higher sales of other oleochemicals,” said ChemrezTech.

Though the company sold more biodiesel in 2009 than in 2008, profit margin for this product decreased substantially, due to intense competition.