Century Pacific saw 37% rise in Q1 net profit

MANILA, Philippines–Leading local canned food manufacturer Century Pacific Food Inc. grew its first-quarter net profit by 37 percent year-on-year to P438 million on robust demand for its food products.

Consolidated revenues grew by 16 percent year-on-year to P5.24 billion in the first three months of the year.

In a disclosure to the Philippine Stock Exchange on Monday, Century said stronger brand visibility and positioning during the period boosted demand for branded products.

Gross profit margin for the quarter remained at 26 percent, which the company attributed to stable cost of sales. It also cited raw and packaging materials, manufacturing costs and direct labor costs.

Consolidated operating income reached P615 million, representing an operating margin of 11.4 percent. Net income margin stood at 8 percent, which it attributed to higher gross profits and lower financing costs.

Century Pacific said it remained debt-free, with zero interest bearing debt as of end March 2015.

The food group of the Po family, which trades on the Philippine Stock Exchange under the ticker CNPF, processes seafood such as tuna, sardine and other fish and seafood-based products, as well as canned meat like corned beef, meatloaf and other products.

It likewise has a dairy segment comprising of canned milk, powdered milk and other dairy products, apart from coffee mixes and sinigang soup mix.

It also produces private label canned, pouched and frozen tuna products for export

Among the company’s popular brands are Century Tuna, 555, Blue Bay, Argentina, Swift, Angel and Birch Tree.