Century Pacific’s H1 net profit up 30%

LEADING canned food producer Century Pacific Food Inc. (CNPF) grew its first semester net profit by 30 percent year-on-year to P935 million on strong volume growth across its branded and private label businesses.

For the second quarter alone, CNPF’s net profit rose by 25 percent year-on-year to P497 million, the Po family-led company reported to the Philippine Stock Exchange on Wednesday.

As the company reported good volume growth, revenues for the quarter increased by 18 percent year-on-year. Six-month revenues were thus 17 percent higher year-on-year to P11.3 billion.

“We are pleased with the performance year to date and are confident that targets for 2015 will be met,” CNPF’s chief finance officer Oscar Pobre said.

CPNF is seen to grow business by 10-15 percent each year in the next five years, outpacing the country’s economic expansion.

The main business segments of CNPF are: canned and processed fish segment, which produces tuna, sardine and other fish and seafood-based products; canned meat segment, which produces corned beef, meatloaf and other meat-based products; dairy and mixes segment, which comprise of canned milk, powdered milk and other dairy products as well as coffee mixes and sinigang mix; and tuna export segment, which produces private label canned, pouched and frozen tuna products for export. Among its popular brands are Century Tuna, 555, Blue Bay, Argentina, Swift, Angel and Birch Tree.