Century Pacific netted P4.6B in January-September 2023

MANILA  -The Po family’s Century Pacific Food, the maker of Century Tuna and Argentina corned beef, recorded a 10 percent profit increase during the first nine months of the year to P4.6 billion on better sales and margins.

Total revenues from January to September hit P50.5 billion, up 7 percent over the same period last year, the company said in a stock exchange filing on Wednesday.

“Amidst headwinds, we saw domestic consumer demand for our brands and products remain resilient, underscoring the relevance of affordability and accessibility. We focused our programs towards value-for-money offerings and innovations,” said Chad Manapat, chief financial officer at Century Pacific.

“We also continued to benefit from a diversified, all-weather portfolio, which allowed us to deliver a consistent growth performance for both the topline and the bottom line despite a complex operating environment,” he added.

Earnings were lifted by 20-basis point improvement in net margins to 9.2 percent, the company said.

Meanwhile, sales were driven by the branded segment, which grew 12 percent amid strong

domestic demand for consumer staples and value for money goods remained resilient.

Third quarter sales were up by 7 percent versus the comparable period last year, the company noted.

“As we move towards 2024, our focus remains in delivering consistent, long-term, and sustainable growth, and we will continue to invest in and manage the business accordingly,” Manapat said in the filing.