The Po family’s Century Pacific Food Inc., the canned goods giant behind Century Tuna and Argentina corned beef, saw profits pop in 2021 on higher sales and exports alongside favorable tax rates.
Century said in a statement on Wednesday that unaudited profits last year jumped 20 percent to P4.7 billion while revenues grew 13 percent to P54.7 billion from 2020.
Strong sales continued into early 2022, but the firm recognized that challenges were on the horizon and that rising inflation was expected to put pressure on the bottom line this year.
“We continued to see strong revenue growth in the first quarter but significant uncertainty lies ahead,” Century Pacific executive chair Christopher Po said in the statement.
“We will continue to play the long game and invest in the business. At the same time, our team has plans in place to mitigate the new risks that emerged and still aim to deliver decent business results,” he added.
Last December, Century Pacific announced the acquisition of the iconic Ligo sardines brand. It expects to close the deal within the first half of 2022.
It also scaled up its alternative meat brand, unMeat, entered the pet foods business via Goodest and increased the manufacturing capacity of its coconut products, such as coconut water and milk, to meet higher demand.
It is a major producer of branded food lines for seafood, meat and milk. Revenues in the branded segment hit P42.8 billion last year or a gain of 10 percent. The exports business, on the other hand, jumped 29 percent.
“Demand for consumer staples remained resilient in 2021. Consumers are feeling the strain from this prolonged pandemic, leading them to prioritize spending and predisposing them to gravitate towards essentials and value for money brands,” Century Pacific chief financial officer Chad Manapat said in the same statement.
“Amidst a challenging macroeconomic environment, we are pleased to keep our strong growth momentum in 2021,” he added.