Century Pacific Food’s profit jumps 45% in Q1 2016, local demand offsets challenges in export market
Century Pacific Food Inc., the country’s largest canned food company, reported a 45-percent jump in net profit in the first quarter of the year to P636 million which it attributed to strong local demand for its branded products, subdued prices of key raw materials, and the consolidation of the recently acquired Century Pacific Agricultural Ventures Inc.
Century Pacific Food owns the brands Century Tuna, 555, Blue Bay, Argentina, Swift, Angel and Birch Tree.
In a statement, Century Pacific Food said its revenues went up by 22 percent to P6.4 billion in the first quarter of the year, with sales from its marine, meat, and milk brands growing by 15 percent year on year. The three branded businesses account for 78 percent of the company’s sales.
“The domestic economy remains vibrant and our strong market position has allowed us to benefit from increased per capital consumption,” Century Pacific Food chief financial officer Oscar Pobre said. “Improved sales distribution and well-executed marketing campaigns have also helped us sustain double digit growth, enough to offset weakness in our private-label tuna export business where the global situation remains challenged.”
Pobre said the company benefitted from the good momentum in sales volume growth and subdued raw material prices.
The company said the growth has allowed it to continue investing in its brands through holding events such as the trademark Century Tuna Superbods and the launch of the new Swift Premium Corned Beef and other marketing campaigns. (By: Eileen A. Mencias)