By Revin Mikhael D. Ochave, Reporter

CENTURY Pacific Food, Inc. (CNPF) is targeting to double its business in the next five years and sustain its momentum amid the coronavirus disease 2019 (COVID-19) pandemic.

Christopher T. Po, CNPF executive chairman, said during the annual stockholders’ meeting virtually held on Wednesday the company is also aiming to sustain a compounded annual growth rate of 10% to 15% for both revenues and profits.

“While we are on track to hit our original topline growth target of 10% to 15% for the year, [we] expect net income to grow closer to 20% due largely to tax incentives [offered] by the government. All in all, our 2021 forecast is still in line with our five-year growth plan driven by the unique nature of our portfolio,” Mr. Po said.

“In challenging times, we outperform the market due to the essentials and staples nature of our portfolio,” he added.

Moving forward, Mr. Po said that the company is open to acquisitions but said it would prefer domestic businesses rather than foreign ones.

“The execution risk is significantly lower, and I think that’s what our stockholders, most of them at least, would want to see is that we really focus on the main growth area and the markets that we know in the Philippines,” Mr. Po said.

“We do have a growing branded business outside of the Philippines, but I would say our expertise really is in this market,” he added.

Mr. Po said the company is gearing to compete in the global market when it comes to plant-based meat products with its own brand called unMEAT.

According to CNPF Executive Vice-President and Chief Operating Officer Gregory H. Banzon, unMEAT is already displayed in stores within the United Arab Emirates, where it has received good response.

“We’re making presentations to the rest of the countries within the Gulf Cooperation Council — Qatar, Oman, and Kuwait are the next three markets. We’re also shipping out our first two field containers to the United States by the first week of July,” Mr. Banzon said.

“I think [the] plant-based [segment] is going to be a category that will be on a very sharp growth trajectory and we want to get in early,” he added.

For the first quarter of 2021, CNPF posted a 24% increase in net income to P1.28 billion. Its consolidated revenues also rose 11% to P13.39 billion.

Shares of CNPF on Wednesday rose 1.08% or 25 centavos to close at P23.40 apiece.