Century Pacific Food income jumps 10% in Jan-Sept
Credit to Author: Eireene Jairee Gomez| Date: Tue, 05 Nov 2019 14:00:17 +0000
LISTED Century Pacific Food Inc. saw its consolidated net income grow by 10 percent to P2.6 billion in the first nine months of 2019.
In a disclosure on Tuesday, the Po-led canned food producer said its consolidated revenues rose by 7 percent to P30.4 billion on the back of robust sales of its branded products.
Revenues from these products, driven by the marine, meat and milk segments, accounted for 77 percent or P23.4 billion of the total.
All three saw total sales increase by 12 percent in the third quarter and in the first nine months, Century Pacific Food said. The growth was led by the emerging milk business and was on the back of higher sales volumes, it added.
Earnings before interest, taxes and depreciation or Ebitda stood at P4.3 billion, bringing year-on-year growth to 17 percent.
“We are pleased to see pick up in demand during the third quarter, in line with improving consumer sentiment across the Philippines. Our products, thanks to their strong brand recognition and our extensive distribution network, remain in a prime position to benefit from rising spend and increasing per capita income in the Philippines,” Century Pacific Food Chief Finance Officer Oscar Pobre said.
“As we approach the end of 2019, we look forward to closing the year with double-digit growth, specifically in our branded business, and are now working hard to sustain the positive momentum into 2020,” he added.
For next year, the company vowed to introduce new products.
“We have been building out a robust innovation pipeline, as well as strengthening our brands, to support growth moving forward. We also continue to look for ways to make our manufacturing and distribution capabilities more efficient,” Pobre said.
Century Pacific Food products include 555, Argentina, Century Tuna, Blue Bay, Fresca, Lucky 7, Swift, Shanghai, Wow, Angel, Birch Tree and Kaffee do Oro.
Shares of Century Pacific Food increased by 2 centavos or 13 percent to close at P15.12 apiece on Tuesday.