Strong sales lift Century Pacific income by 12%
Po family-led canned food maker Century Pacific Food Inc. saw its earnings in 2023 rise by 12 percent to P5.6 billion on stronger sales despite the sticky inflation.The company behind Century Tuna and Argentina corned beef on Monday said its full-year revenues likewise climbed by 8 percent to P67.1 billion driven by an 11-percent growth in its branded segment, which is composed of marine, meat, milk and other emerging segments, including pet food.
“The branded business continued to exhibit resilience amid a volatile macroeconomic environment,” Century Pacific chief financial officer Chad Manapat said in a stock exchange filing.“Our primary focus is on delivering affordable nutrition through our vast assortment of brands and products spanning multiple price tiers—our way of providing value to our consumers in both good and challenging times,” he added.
Century Pacific noted sales in the tuna and coconut exports segment softened by 4 percent due to “supply chain challenges” and elevated commodity costs.However, it saw an upswing in the fourth quarter on “favorable trends in commodities.”
Meanwhile, the company’s gross margin ended at 24 percent, an improvement of 95 basis points.“While the road ahead is still clouded with uncertainty, Century Pacific remains committed to grow in the low double-digit territory for both top and bottom line,” Manapat said. —Meg J. Adonis INQ
