Philippines’ Century Pacific Food posts 6% net income growth

Its net income stood at P4.2b (US$71.5m).

Philippine-based Century Pacific Food (CNPF) posted a net income growth of 6% to P4.2b (US$71.5m) in the third quarter of the year. 

Its revenue also registered a 14% year-on-year growth to P47b (US$800.8m)  over the same period. This was largely driven by the 17% increase in the Branded business. 

“Volatile operating conditions and uncertainty set the scene in 2022, but these were cushioned by the Philippine economic reopening and a receding pandemic. As such, the economy continues to rebound, but Filipino families are still prioritizing their spending,” CNPF’s Chief Financial Officer, Richard Manapat, said.

Read more: Philippine-based Century Pacific expands ‘unMEAT’ portfolio with fish-free tuna

“As a food company that endeavors to deliver affordable nutrition, we have a wide array of brands that cuts across multiple price tiers – from value for money to mass market, all the way up to affordable premium. In this way, we’re able to provide food options that cater to varying consumer needs.”

The Branded segment outperformed with a growth of 17% year-on-year for the nine-month period, demonstrating resilience in consumer demand.

The OEM Tuna and Coconut exports business, hindered by high shipping costs earlier in the year, has recovered, registering a growth of 5% in the first nine months, on top of last year’s high base driven by improving freight rates, easing supply chain pressures, and favorable movements in commodity prices.