LISTED manufacturer D&L Industries is maintaining its guidance for at least double-digit earnings growth this year, backed by stronger exports from its new plant in Batangas.

"With the new plant, we see new markets, higher value-added products, and deeper innovations that will further push our boundaries," D&L President and CEO Alvin Lao said during the company's annual stockholders' meeting on Monday.

"Our goal is for exports to eventually account for at least 50 percent of our total sales in the next couple of years," he added.

D&L manufactures food ingredients and other oleochemicals. Its new Batangas plant, located in a special economic zone in the province, came online last year.

With the new plant in operation, revenue from exports rose 39 percent year on year in the first quarter, contributing 32 percent to total revenues.

"With the new capabilities and capacity that the Batangas plant brings, we reasonably expect to achieve our export goal, barring any unforeseen events," Lao continued.

D&L added that the plant already exceeded its first-year export commitment to the Philippine Economic Zone Authority (PEZA) by 230 percent as of the end-March.

Lao also highlighted the strategic importance of the plant's capacity.

"We built it really extra-large in anticipation of future business," he explained.

"Even with our current utilization below 50 percent, the plant's design allows for significant expansion with minimal additional cost. This ensures we are well-prepared to meet increasing demand from international markets."

Following a 31-percent drop in net income to P2.3 billion in 2023, D&L reported a 4-percent year-on-year increase to P680 million for the first quarter of this year.

"We are on track to reach our big, hairy, audacious goal (BHAG) for exports," Lao said.

"Our investments over the past years are paving the way for higher and more sustainable profit growth, making us a truly global Filipino manufacturing company."

The company on Monday also announced a cash dividend of P0.209 per share for 2023, payable to shareholders on record as of June 19, with payment set for July 3.

D&L's shares closed up 1.43 percent at P6.37 apiece on Monday amid a 0.59-percent gain for the benchmark Philippine Stock Exchange index.