Century Pacific Food (CNPF) reported a 21 percent increase in net income from last year to P1.93 billion. This growth can be attributed to strong volume growth across its branded segments.
In a disclosure to the Philippine Stock Exchange (PSE), CNPF said it registered P23.32 billion in revenues, up 14 percent from the previous year.
“Robust volume growth across our three branded segments – marine, meat and milk –continues to reflect rising Filipino purchasing power, greater demand for our products, and increased recognition of our brands,” said CNPF chief finance officer Oscar Pobre.
With massive improvements of distribution infrastructure and modern retailers for continuous expansion, CNPF recorded higher sales outside of Metro Manila rather than within Metro Manila.
With lower prices of raw materials and lower operating expenses, CNPF’s gross profit margins remained stable at 26.6 percent.
Pobre said the company is likely to perform well this year.
“So far, 2016 has been showing similar trends with good macroeconomic tailwinds, and possibly election related spending, benefitting us during the first three months of the year,” he said.
The company ventured into can making and cold storage last year with its new tin can factory already running at full capacity.
Its cold storage facilities are on track for completion in the second quarter of the year.
CNPF is the country’s largest canned food company, engaged in the development and marketing of processed fish, meat, dairy and coconut products.
Its brands include market leaders Century Tuna, Argentina Corned Beef, 555 Sardines, Swift, Angel and Birch Tree.
photo from ready2eat.weebly.com