Connect with us

Hi, what are you looking for?


Century Pacific books higher earnings in Q3

CENTURY PACIFIC Food, Inc. (CNPF) booked a P1.26-billion net income in the quarter ending September, 22% higher than the P1.03 billion logged a year ago, as its topline improved by 21%.

In a regulatory filing on Wednesday, the company said its topline reached P14.08 billion in the third quarter from P11.68 billion in the same period last year on the back of double-digit sales growth and “favorable tax rates.”

Its OEM export business posted a 49% growth in sales for the third quarter, driven by the faster reopening of global markets.

Meanwhile, its branded segment, which accounts for the majority of company revenues, posted a 13% growth year on year in the period due to the resilience of its consumer staples.

“Consumer sentiment has been impacted by the ongoing pandemic. Thus, they continue to prioritize consumer staples and affordable goods. As a result, our core segments and value-for-money portfolio are demonstrating robust performance,” Richard S. Manapat, chief financial officer at CNPF, said in a statement.

For the first nine months, the company reported a net income of P3.98 billion, up by 21% from P3.28 billion in the same period last year “despite cost pressures.” The company said its consolidated revenues grew by 12% to P41.08 billion from P36.79 billion.

CNPF said it continues to benefit from the implementation of the Corporate Recovery and Tax Incentive for Enterprises law. It also received an income tax holiday for its new tuna plant.

“We are now at the homestretch, grateful for the strong results posted thus far. We continue to expect that CNPF will end the year with a topline growth between 10 to 15% and a bottom line growth closer to 20%,” Mr. Manapat said.

“Overall, we are pleased with the results of the past nine months,” he said. “We have been able to post a healthy bottom line, giving us room to reinvest in innovations and capacity expansion, which will, in turn, generate quality manufacturing jobs.”

CNPF earlier increased the capacity of its coconut facility by 50% and commissioned a 5.2-megawatt solar photovoltaic plant for its tuna and coconut facilities.

The company also launched two new brands during the period, dipping into the pet food category with Goodest and its dairy portfolio expansion to the chocolate malt segment with Choco Hero. It also started the global expansion of its plant-based meat alternative brand unMEAT.

CNPF shares went up by 0.92% or 25 centavos to close at P27.50 apiece on Wednesday. — K.C.G. Valmonte

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



Follow us on Spotify BusinessWorld B-Side The Filipino workforce is gradually adapting to a work environment that has been changed forever due to the pandemic....


The Department of Environment and Natural Resources (DENR) has given recognition to volunteers and partners who had significant contribution to the cleanup and rehabilitation...


Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories...


Former client, Jennifer Pacquing on her experience with Planning for Canada services. Planning for Canada – Planifier pour le Canada (PfC) is pleased to...


Windmills are seen in Pililia, Teresa, Rizal province on April 25. — PHILIPPINE STAR/ MICHAEL VARCAS THE INCOMING Marcos administration should consider the full...


THE PHILIPPINE central bank should deliver more aggressive rate hikes in order to curb inflation that is now expected to reach 5% this year,...

You May Also Like


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Financial Advisors

The healthcare ecosystem is one that has thrived on the cusp of scientific progress, benefitting enormously from the winds of change in the technological...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.