Q1 2022 D&L Industries Inc Earnings Call Transcript
Good morning, everyone. Thanks for joining us for the first quarter briefing of D&L's results for 2022. Let's get started.
So okay, let's go to the next slide, please, Crissa. So our highlights. First quarter, we saw that net income was higher by 12% versus first quarter of the previous year. First quarter net income came in at PHP 780 million. This is also 63% higher quarter-on-quarter. It's also higher than the net income we reported in 2019 and 2018, which were pre-COVID. So good results considering the Omicron surge in January, and we'll talk a little bit more about this in the next couple of slides.
We did see our exports continue to perform quite strongly with first quarter export sales value up by 45% and export contribution to total sales consistently at approximately 1/3 of total sales. We did see the sales mix start or still tilting towards commodities. And so the commodity segment did much better than our high-margin segments with volume higher by 18%. We are continuing -- we believe that the momentum
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