CROWN Asia Chemicals Corp. on Thursday reported its earnings increased by 85% to P220 million in 2021 after a double-digit increase in revenues.
“As the economy treks toward growth in 2021 and 2022, Crown Asia broadens significantly in supply to flagship infrastructure projects such as North South Commuter Railway, Metro Subway, MRT-7, skyway 3 extension and the like,” the company said in a disclosure on Thursday.
Revenues were up by nearly 56% to P1.74 billion last year from P1.12 billion in 2020.
Crown Asia said that revenues were on an upward trend with 57% contributions from pipe products, such as PVC, PPR, and HDPE pipes; 42% from premium PVC compounds; and 1% from other product lines such as PVC thermal roofing, septic tank and bathroom essentials.
“Private developments likewise hold its ground with on-going supply to reclamation projects in Cebu which will enhance Cebu’s economic growth by boosting tourism and adding land mass for mixed-use developments, which is a growth driver for Cebu. [Crown Asia] pipes are used in premier constructions of big named property developers,” the company said.
The plastic compound producer currently covers distribution and supply nationwide, having over 2,000 dealers in Luzon, Visayas and Mindanao.
To date, the company operates two production plant sites and three sales depots in Bulacan, Cebu and Davao.
Crown Asia said that due to the increase in sales, it is adding new machinery and equipment to expand production capacity.
The company also acquired a property in Valenzuela to support the expansion of sales and output, which also houses the production of PVC thermal roofing and added storage spaces for company products.
“[Crown Asia] is on top of its strategic planning to sustain its growth for the medium and the long term. These may cover new innovative products to be launched, plant/production expansions, more machineries and equipment, more distribution centers, more advanced technology, to sustain higher margins,” the company said.
The listed firm is engaged in the production of plastic compounds, plastic pipes and other related products such as polyvinyl chloride (PVC) pellets, which are used directly and indirectly in the construction and telecommunica-tions industries.
At the stock exchange on Thursday, Crown Asia shares were up by 3.3% or P0.06 to finish at P1.88 each. — Luisa Maria Jacinta C. Jocson