Century Pacific Food grows first half net income by 46%
The Po family’s Century Pacific Food Inc. reported a 46-percent jump in its first half net income to P1.36 billion as election spending boosted sales of its fish, meat, and milk products.
In a disclosure to the stock exchange, Century Pacific Food CFO Oscar Pobre said: “Top line growth across our 3 M’s – Marine, Meat, and Milk – continues to be driven almost completely by increases in volume. These can be attributed to our various sales and marketing campaigns, plus a strong local economy boosted by election spending…however, we also faced some challenges due to the El Niño weather disturbance and slowness in certain export markets.”
Century Pacific Food is the country’s largest canned food company. Its brands include Century Tuna, Argentina Corned Beef, 555 Sardines, Angel Milk, and Birch Tree.
In the second quarter alone, the company’s net income yielded P725 million, a 46-percent increase from a year ago.
“We are confident that the positive momentum will continue into the rest of 2016. We look forward to the second half where the rainy season, school openings, and Christmas holidays boost domestic sales,” Pobre said.
The company said it expects to maintain its double digit growth rates for the rest of the year.
Century Pacific Food said revenues grew as local retailers pursued aggressive expansion plans.