Century Pacific nets P5.3B in 3rd quarter

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LISTED food and beverage company Century Pacific Food Inc. (CNPF) said Wednesday that net income for the first nine months of 2024 grew 14 percent year on year to P5.3 billion, sustaining its double-digit growth led by strong sales.

In a disclosure, CNPF said that consolidated sales for January-September rose 13 percent from a year ago to P56.9 billion, which it attributed to higher OEM (original equipment manufacturer) exports and to the continued resilience of its branded segments.

Its OEM exports, CNPF added, grew 43 percent and were up 44 percent in the third quarter alone.

“We are grateful to be able to deliver consistent, volume-led growth for the first nine months of 2024,” CNPF Chief Financial Officer Chad Manapat said.

“Our operating landscape faced multiple crosswinds — from inflationary pressures straining domestic demand to improving commodities aiding exports recovery,” he said.

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“This performance reflects the resilience of CNPF’s all-weather, diversified business model, which enables us to adapt to varying market conditions.”

The bulk of the company’s revenues were from the branded business — marine, meat and milk, and other emerging segments — which continues to sustain CNPF’s growth.

Its OEM exports consist of tuna and coconut exports, and saw an upswing this year, as commodity prices and foreign exchange fluctuations were favorable for the company compared to the same period in 2023.

CNPFl said it had more room to support consumer demand as gross margins grew 240 basis points to 26.6 percent, which was attributed to improvements in input costs, brand-building programs, innovations and sustainability initiatives

Last September, CNPF acquired Coco Harvest Inc. for $40 million, increasing its coconut processing capacity, especially for OEM exports, and creating more than 1,500 jobs.

“We remain committed to executing the plans and finishing strong in the [fourth quarter],” Manapat said. “We affirm our low to mid-teens growth outlook for both revenues and profits this year.”

He added that CNPF was approaching 2025 “with cautious optimism” amid improving macroeconomic conditions.

CNPF shares rose 1.4 percent to P42 each on Wednesday.

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