CENTURY PACIFIC Food, Inc. (CNPF) posted an 11% growth in net income in 2019 on the back of higher sales of its branded food products.
In a statement yesterday, the canned foods manufacturer said its earnings last year grew to P3.1 billion, lifted by a 7% growth in consolidated revenues to P40.6 billion.
Its branded business was the main driver of growth, recording a 12% increase in sales to P31.2 billion, comprising 77% of the company’s total revenues. This segment covers the marine, meat and milk business units of CNPF.
The remaining 23% of revenues came from tuna and coconut commodities, which posted a sales decline of 6% due to cheaper commodity prices.
Operating expenses increased 13% due to investments in brands, new product development and innovations.
As the country faces the coronavirus disease 2019 (COVID-19) pandemic, CNPF said it continues to operate with a skeletal workforce to maintain the supply of its products.
“In these challenging times, we recognize the critical role we play in ensuring enough of our products are available to those who need them the most. Thanks to the support of the Department of Trade and Industry and the Inter Agency Task Force, we are able to maintain a smooth flow of goods and operate with enough capacity, despite the use of a skeleton workforce,” CNPF Chief Finance Officer Oscar A. Pobre said in the statement.
CNPF is the manufacturer of food brands such as Century Tuna, Argentina, 555, Angel and Birch Tree.
The company previously announced it was giving one million food packs to the public to help cope with the Luzon-wide lockdown.
“We…remain in close touch with partner local government units for the supply and donation of various food products. Finally, the health, safety, and financial protection of our employees remain paramount and we continue to provide them with care and financial aid,” Mr. Pobre said.
Shares in CNPF at the stock exchange traded flat on Wednesday to close at P13.50 each. — Denise A. Valdez