Po family-led Century Pacific Food Inc. (CNPF), one of the Philippines’ leading food companies, grew its net profit last year by 11 percent to P2.8 billion as revenue hit a record-high due to robust sales of branded food products.
The double-digit growth in the company’s audited net income surpassed its earlier disclosed unaudited earnings growth of 9 percent.
“We are tagging 2019 as our year of innovation with the introduction of a number of new products in our pursuit of long-term and sustainable growth. We will also continue investing in our people, brands, facilities and supply chain, alongside an enterprise-wide initiative to monitor and measure environment, social, and governance metrics as well,” Oscar Pobre, CNPF’s chief finance officer, disclosed to the Philippine Stock Exchange.
Consolidated revenue rose by 15 percent year-on-year in 2018 to a record-high P37.9 billion, with the branded food business accounting for 74 percent of total. Net income margin stood at 7.5 percent. Return on equity was steady at 18 percent.
The branded food business grew by 20 percent to P28 billion with all three sub-units—marine, meat, and milk products—posting higher sales on an expanding base.
Meanwhile, revenue from white-labelled products exported to other manufacturers reached P9.9 billion, equivalent to 26 percent of group sales.
Cash flow as measured by earnings before interest, taxes and depreciation (Ebitda) stood at P4.5 billion, rising by 14 percent for the year.
Ebitda margins stood at 11.9 percent, down by only 10 basis points, in spite of the local inflationary environment and rise in operating costs.