Crown Asia Chemicals Corp., the supplier of pipes and fittings, said its net income last year reached P228.9 million, higher by a mere 2 percent from the previous year’s P224.3 million.
The company said its revenues slightly grew to P1.76 billion, a 1 percent increase from the previous year’s P1.74 billion.
The company said the relatively flat income and revenues were due to higher operating costs, offset by robust credit evaluation.
“Crown (Asia) looks forward to a better 2023 with the recovery of construction activities and infrastructure expenditures, both public and private, especially as the current administration advocates public private partnership,” it said.
The company—a supplier to the Metro Manila, Manila Subway, North-South Commuter Railway, Skyway 3 extension, CBEX, Wawa Dam—has several years of revenue streams from major infrastructure projects.
These projects stretch up to years 2023 to 2028 and will either be partially completed or fully operational.
In the pipeline for 2023 and 2024 is the introduction of another Filipino pipe brand “that will provide quality and safety to the construction industry.”
Crown pipes, having tested for quality and passing safety standards, has been the preferred choice of major infrastructure and premium private developments.
Crown Asia said it is slated to acquire a property and additional machineries to expand production capacity and increase storage facilities. “Crown is looking forward to the upward revenue trajectory and customer demands.”
The company has also declared P0.09 dividend per share for the year. The dividend will be paid in two tranches. The first tranche has a record date of April 5, and payment date on May 3. The second tranche has a record date of August 31, and payment date on September 25.
Listed on the Philippine Stock Exchange in April 2015, Crown Asia has consistently received international and local recognitions from the Forbes Asia, the Financial Times and the Government of Bulacan. The most recent is the 2022 Golden Arrow Award from the Institute of Corporate Governance, which it received last January 20.
