Century Pacific defies inflation pressures, posts 15% profit growth
MANILA, Philippines — The maker of Century Tuna, Argentina Corned Beef, and Angel Evaporada ended the first quarter with a 15-percent growth in its bottom line after registering stronger sales despite inflation heating up.
On Wednesday, Century Pacific Food Inc. (CNPF) reported that net income attributable to its parent company rose to P1.72 billion in the first quarter of 2024.
This was supported by total revenues rising by 16 percent to P18.2 billion.
The Po family-owned food manufacturer said its sales were lifted by the branded business, including marine, meat, milk, and other emerging segments.
“Amid an inflationary environment, CNPF’s branded segment posted a 10-percent year-on-year growth rate, demonstrating a consistent growth performance,” the company said.
READ: Strong sales lift Century Pacific income by 12%
Inflation rose to 3.7 percent in March from 3.4 percent a month earlier as food prices soared.
Tuna, coconut exports
Revenues from Century Pacific’s OEM (original equipment manufacturer) tuna and coconut export business climbed by 49 percent because of lower commodity prices that fueled demand.
In March, the food and beverage company inked a new long-term contract with The Vita Coco Company Inc., which would require Century Pacific to provide the latter with 90 million liters of coconut water over the next five years.
READ: Century Pacific expands use of renewable energy
Given this, the listed company is budgeting $40 million to ramp up its coconut water production. The initiative is expected to generate at least 1,500 manufacturing jobs.
CNPF coconut OEM business vice president Noel Tempongko Jr. had said the deal “conveys our mutual trust and respect for each other as business partners.”
