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The Lopezes’ Thin Drip at the Top

The Lopezes are fighting over an empire whose operating assets sit far below them, while only a modest stream of dividends reaches the family apex. At first glance, the Lopez family quarrel looks like a fight over power: board seats, patriarchal authority, corporate succession, and the right to speak for one of the Philippines’ oldest business dynasties. Look closer, however, and it becomes something more modern and more uncomfortable: a fight over a pyramid whose jewels sit far below the family holding company, while the cash reaching the summit has become surprisingly thin. The latest spark is First Gen, the listed power producer under First Philippine Holdings and Lopez Holdings, where the family dispute has spilled over into allegations of a ₱50bn hydropower “premium” paid in connection with First Gen’s investment in Prime Infrastructure’s pumped-storage projects. The Lopez majority bloc has questioned the economics and disclosure of the deal; First Gen has responded that the final...
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D&L Industries: A Quiet Champion of Philippine Industrialization

The company does not always own the label on the shelf. But it often supplies the materials, formulations, and factory know-how that help Philippine manufacturing move up the value chain. In the Philippines’ uneven march toward industrialization, the most interesting companies are not always the ones whose names appear on supermarket shelves. Some are hidden in the bill of materials. D&L Industries is one of them. It is not primarily a branded-food company, nor a consumer-products house in the conventional sense. It is better understood as a picks-and-shovels company for Philippine manufacturing : a supplier of fats, oils, oleochemicals, resins, plastic compounds, colorants, and additives, and a provider of contract manufacturing capacity that enables other companies to make more sophisticated goods. Its products sit quietly inside noodles, snacks, detergents, shampoos, plastic packaging, automotive components, paints, coatings, aerosols, and home-care products. The consumer may ne...

At Lucio Co’s Puregold, Q1 2026 Margins Rise Even as Expansion Eats Cash

The supermarket group is scaling profitably after a burst of store openings and acquisitions—but supplier payments, inventory build-up, and advances drained operating cash. In Philippine retailing, growth is often bought with rent, inventory, and patience. In the first quarter of 2026, Puregold Price Club showed that it could buy growth without sacrificing margins—at least on the income statement. The supermarket operator reported net sales of ₱58.8bn , up 12.1% from a year earlier, while net income rose 23.7% to ₱3.26bn . Earnings per share climbed to ₱1.14 , from ₱0.92 . The arithmetic was flattering: sales grew briskly, but profits grew faster.  The improvement was broad-based. Gross margin rose to 20.1% , from 19.6% a year earlier. Operating margin improved to 8.1% , from 7.6% . Net margin rose to 5.6% , from 5.0% . For a grocer, where price competition is fierce, and cost inflation rarely sleeps, half a percentage point of gross-margin expansion is not trivial. Management cr...

The High-Rise Rivalry: Shang Properties vs. Rockwell Land in the Kuok-Lopez Battle for Luxury Property

Two Philippine property firms sell aspiration. One has turned it into a fast-growing urban village machine; the other into a quieter luxury balance sheet. In Philippine property law, “premium” is an elastic term. It can mean a marble lobby, a Makati address, a concierge, a mall with a better perfume cloud, or simply the ability to borrow billions without looking desperate. In the first quarter of 2026, Rockwell Land and Shang Properties offered two different definitions of the term. Rockwell looked like the more energetic builder: bigger, faster-growing, and more aggressive. Shang looked like the more patrician owner: slower, richer in equity, and cushioned by hotels, malls and trophy addresses. The numbers tell the first story plainly. Rockwell reported ₱6.455bn in consolidated revenue , up 45% from a year earlier, while net income rose to ₱1.433bn and income attributable to the parent climbed 67% to ₱1.291bn . Its growth came mainly from residential development, which supplied ₱...

D&L’s Q1 2026 Results: Less Capex Strain, More Revenue Anxiety

  The Philippine ingredients maker has left its capex headache behind. Now comes the harder problem: selling more. For much of the past few years, investors in D&L Industries had a simple question: when would the Batangas plant stop consuming capital and start producing returns? In the first quarter of 2026, the answer became clearer. The new facility, once the centerpiece of a heavy investment cycle and a drag on financial ratios, has now logged its sixth consecutive profitable quarter . Capital spending, no longer the main strain on the balance sheet, has faded from the foreground. But business stories rarely end when construction does. With the plant finally contributing, a more prosaic but more important question has taken its place: can D&L grow revenues again? The company’s first-quarter results offered a study in contrasts. Net income rose 5% year on year to ₱716.7m , a respectable showing in a volatile environment. Gross margin improved to 13.4% , from 12.7% a year...

D&L’s Expensive Growth

The Philippine specialty manufacturer had a banner year for sales. The harder question is whether those sales can again be converted into cash. In most years, a 36% jump in revenue would be cause for uncomplicated celebration. At D&L Industries , a Philippine maker of food ingredients, oleochemicals, specialty plastics, and outsourced consumer products, sales rose to ₱55.39bn in 2025 , from ₱40.67bn a year earlier. Net income rose too, by 11% to ₱2.59bn . The trouble is that the top line grew much faster than the profit line. Gross profit increased by only 15% to ₱7.21bn , a respectable showing but one that betrayed the nature of the boom: part volume, part pricing, part inflation. D&L sold more, but it also sold costlier molecules. That makes 2025 a useful year for understanding D&L’s business. The company is not a typical consumer manufacturer with brands on supermarket shelves. It is more often hidden inside other firms’ products: the fat in a noodle, the ingredient in ...