Century Pacific sees profit declining by 4 %
Century Pacific Food, Inc. (CNPF) saw its profit declining by 4 percent to P2.55 billion in 2017 due primarily to higher raw material prices relative to their cyclical lows the year before.
CNPF is the Philippines’ largest canned food company and a leading exporter of original equipment manufacturer (OEM) tuna and coconut products.
For the period, CNPF saw consolidated revenues grow by 22 percent year-on-year, hitting record high sales of P34.50 billion for the full-year 2017.
“Amidst a more challenging input cost environment, our businesses faired relatively well. During this time, we’ve adopted a more conservative approach towards price increases in the face of inflationary pressures. This has helped further solidify our market shares, increase sales volume, and puts us in a good position to benefit once raw material prices soften,” said Executive Chairman Christopher Po.
The Company saw robust top line growth across all business units throughout 2017.
For the full-year, its branded business registered an 18 percent increase in sales to P24.90 billion, with all three units – Marine, Meat and Milk – posting double-digit revenue growth.
OEM sales likewise surged by 34 percent, to P9.60 billion, as the tuna OEM segment benefited from increased export activity and higher average selling prices year-on-year.