Century Pacific Food’s net income jump by 37% to P2.7B
Century Pacific Food, Inc., the country’s largest canned food company, reported a 37-percent expansion in its profits to P2.66 billion in 21016 on the back of steady revenue growth and the consolidation of the coconut business it acquired last year.
In a disclosure to the stock exchange, Century Pacific Food chief finance officer Oscar Pobre noted that the company’s fourth quarter performance was not as strong as the previous quarters that benefitted from the increased activity from the election but its branded businesses maintained market leadership.
“We continue to benefit from consumers’ increasing demand for affordable, convenient and healthy products,” Pobre said.
Century Pacific Food’s total revenues increased by 21 percent to P28.3 billion as sales of its branded business grew by double digits and its coconut export business showed robust performance.
“2017 will be a more challenging year for us as we face rising commodity prices. However, through brand and pricing management, efficiency gains, and cost reduction initiatives, we should be able to strike a balance between growing demand and improving profitability,” Pobre said.