Century Pacific 9-month profit rose 14%

The maker of Century Tuna, Argentina Corned Beef and Angel Evaporada sold more products during the first three quarters of this year, registering a stronger bottom-line ahead of the holiday season when consumer spending picks up.

In a statement on Wednesday, Century Pacific Food Inc. reported that its net income grew by 14 percent year-on-year to P5.3 billion in January to September.

This was supported by total sales jumping by 13 percent to P56.9 million for the period.

READ: Strong sales lift Century Pacific income by 12%

Bulk of its revenues came from the branded business, which is composed of marine, meat and milk products.

“Amid a soft consumer environment, the segment continued to post sustained growth, supported by a diverse portfolio of brands spanning progressive price tiers,” the company said.

The food manufacturer also disbursed regular and special dividends amounting to P3.4 billion.

In September, the company said it was spending $40 million to acquire and expand Coco Harvest Inc., its coconut processing facility in Misamis Occidental.

Coco Harvest produces coconut water, coconut milk, desiccated coconut and virgin coconut oil.

The company expects to generate 1,500 manufacturing jobs in Mindanao with the planned plant expansion. In addition, it will provide market access for harvests of coconut farmers in the region.

Before this, the company inked a new long-term contract with The Vita Coco Company Inc. in March, requiring Century Pacific to provide the latter with 90 million liters of coconut water over the next five years.

The company is also using coconut shells as an alternative source of power for its processing facility in a bid to reduce its plant’s usage of coal by at least 35 percent. ­—Tyrone Jasper C. Piad