Century Pacific income as of June hit P1.36B

Century Pacific Food Inc. (CNPF), the country’s leading canned food producer, grew its first half net income by 46 percent year-on-year to P1.36 billion, driven by the strong demand for branded food products, especially during the run-up to the presidential elections.

For the second quarter alone, CNPF’s net income also rose by 46 percent year-on-year to P725 million, the company disclosed to the Philippine Stock Exchange.

Six-month revenues rose by 15 percent year-on-year to P13 billion while second quarter revenues were up by 3 percent.

“Topline growth across our three M’s—marine, meat, and milk—continues to be driven almost completely by increases in volume. This can be attributed to our various sales and marketing campaigns, plus a strong local economy boosted by election spending,” CNPF chief finance officer Oscar Pobre said in a press statement.

“However, we also faced some challenges due to the El Niño weather disturbance and slowness in certain export markets,” Pobre added.

CNPF—the company behind household names Century Tuna, Argentina Corned Beef, 555 Sardines, Angel Milk and Birch Tree—continued its program of building and investing in brands. Doris Dumlao-Abadilla