PO-LED Century Pacific Food, Inc. on Wednesday reported that its attributable net income rose by 12.6% for the third quarter due to higher revenues and better commodity prices.
In a stock exchange disclosure, the company said profits reached P1.43 billion, up from P1.27 billion the prior year.
“Amidst headwinds, we saw domestic consumer demand for our brands and products remain resilient, underscoring the relevance of affordability and accessibility,” Century Pacific Food Chief Financial Officer Richard Kristoffer S. Manapat said.
“We focused our programs towards value-for-money offerings and innovations,” added Mr. Manapat, who is also the company’s chief risk officer and chief information officer.
The company saw a 6.6% jump on its top line to P17.14 billion from P16.08 billion the previous year, driven by a 14% growth in its branded segment.
The branded business is composed of marine, meat, milk, and other emerging segments. It comprises the majority of revenues, the company said, describing it as its “strategic growth driver” that caters predominantly to the domestic market.
“Apart from a high base in 2022, the OEM (original equipment manufacturer) business was beset by softer markets in light of global inflation. Nonetheless, on a quarterly basis, sales were largely sustained,” the company said.
Its OEM tuna segment and coconut exports fell by 15% from last year.
“We also continued to benefit from a diversified, all-weather portfolio, which allowed us to deliver a consistent growth performance for both the top line and the bottom-line despite a complex operating environment, Mr. Manapat added.
For the nine-month period, Century Pacific Food’s attributable net income climbed to P4.63 billion, 9.7% higher than P4.22 billion the previous year.
The company’s revenues went up by 7% to P50.45 billion from P46.95 billion in the same period last year.
It said the rise was due to a 12% growth in branded sales amid better domestic demand for “consumer staples and value for money goods.”
The company said milk and other emerging segments “outperformed, while core segments sustained their growth performance.”
Its OEM tuna and coconut segments, likewise, declined by 10% during the period.
Meanwhile, the company said that it is expanding the capacity of its General Santos solar plant to 8.6 megawatts (MW) from 5.2 MW, which is currently supplying power to its largest plant.
“As we move towards 2024, our focus remains in delivering consistent, long-term, and sustainable growth, and we will continue to invest in and manage the business accordingly.” Mr. Manapat said.
Company shares on Wednesday went up by 1.05% or 30 centavos to close at P29 apiece. — Adrian H. Halili