Century Pacific Food Inc. (CNPF) said Wednesday net income grew 14 percent to P5.3 billion in the first nine months of 2024 from the same period last year.
The company booked P56.9 billion in consolidated sales, up by 13 percent year-on-year, led by the outperformance of the OEM exports business and resilience in the branded segment.
CNPF’s third-quarter sales also increased 13 percent, while net income rose 15 percent, a close reflection of its year-to-date performance.
Majority of CNPF’s revenues stem from the Branded business — composed of marine, meat and milk and other emerging segments.
The company said that amid a soft consumer environment, the segment continued to post sustained growth, supported by a diverse portfolio of brands spanning progressive price tiers.
Meanwhile, the OEM exports business, captured both the tuna and coconut exports. The segment saw an upswing in 2024 coming from a soft 2023 as commodity prices and forex trended favorably compared to the same period the year before.
Gross margins expanded by 240 basis points (bps) to 26.6 percent in the nine-month period, as input costs improved.
“Gains were reinvested into operating expenses to fund demand-generating activities, brand-building programs, innovations and sustainability initiatives,” the company said.
As a result of the company’s reinvestment efforts, earnings before interest, taxes, depreciation and amortization in the first nine months of the year improved by 11 percent.
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