Century Pacific Food reels in P1.9B in net income for 2015
The Po family’s Century Pacific Food Inc., the country’s largest canned food company, reported a 21-percent growth in net income to P1.9 billion in 2015 from P1.6 billion a year ago, fattened by the growth in its branded segments.
Sales outside of Metro Manila grew faster with the improvement in the company’s distribution infrastructure complemented by the aggressive expansion plans of some retailers.
“Growth in the convenience store channel was particularly strong in light of new rollouts,” the company said in a disclosure to the stock exchange.
Century Pacific Food said its consolidated revenues grew by 14 percent to P23.3 billion on the back of the expansion in its branded businesses which offset the flat performance of its nonbranded tuna exports.
The brands under Century Pacific Food include Century Tuna, Argentina Corned Beef, 555 Sardines, Swift, Angel, and Birch Tree.
“Robust volume growth across our 3 branded segments – marine, meat, and milk – continues to reflect rising Filipino purchasing power, greater demand for our products, and increased recognition of our brands,” Century Pacific Food CFO Oscar Pobre said.
The company went into tin can manufacturing last year and its factory is now running at full capacity. The company started the construction of its cold storage facilities last year and is on track to complete it in the second quarter of this year. The canning and cold storage are meant to reduce input costs as the company gears up for further growth.
Century Pacific Food earmarked P1.1 billion for capital spending this year, the bulk of which will go into the plant and for capacity expansion in anticipation of increased demand. (By: Eileen A. Mencias)