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PUBLICLY
traded Chemrez Technologies Inc. (ChemrezTech) said its
net profit for 2007 jumped 409 percent to P480.6 million
from P94.4 million a year earlier.
The
growth was attributed to a 62-percent rise in
consolidated revenues from P2.34 billion in 2006 to
P3.79 billion in 2007, and from improvements in
gross-profit margins within most of its product groups,
the country’s leading producer of biopetroleum, resins,
oleochemicals and powder coatings said.
On an
aggregate basis, gross-profit margin was 16.8 percent as
against 9.4 percent in the same comparable period.
ChemrezTech officials said key revenue enhancers were
the Philippine economic performance in 2007 and the
mandated 1-percent biodiesel blend under the Biofuels
Act of 2006.
Its
oleochemical and biopetroleum product lines, which
include coco-biodiesel, accounted for 36 percent of
consolidated revenues, while 64- percent came from
resins and powder coatings.
Oleochemicals serve mainly the soap and detergent
industry while resins and powder coatings are used in
products such as paints (liquid and powder), housewares
and decorative items, office and consumer electronics,
home appliances and food packaging.
ChemrezTech has been buying back its shares since
November 2007 under a P500-million share buyback program
announced in August 2007.
Based on
disclosures filed with the Philippine Stock Exchange,
ChemrezTech has accumulated some 12 million treasury
shares over the last two and a half months with a
purchase value of around P43.3 million.
The
reacquired shares represent less than one percent of the
company’s issued shares and the amount spent was,
to-date, far below the P500 million share buyback
ceiling. |
