MANILA, Philippines - Century Pacific Food, Inc. reported a 22-percent jump in net income to P1.5 billion in the first nine months of the year.
The company generated P17.2 billion in revenues during the nine-month period, higher than the P15.2 billion recorded a year ago as total sales increased by 13 percent.
The branded business grew its revenues by 15 percent on the back of better sales volumes across its marine, meat, and milk categories.
The non-branded tuna export business, on the other hand, posted slower sales growth of five percent owing to tough trading conditions in the OEM global export tuna business.
Century Pacific CFO Oscar Pobre attributed the company’s strong performance to robust local demand, supported by effective sales and marketing programs.
Operating income grew 19 percent to P2.1 billion.
“The operating margin for the branded business as a whole remained stable, while that of the non-branded business improved due to better sales mix,” Pobre said.
The company earlier announced the acquisition of an integrated coconut producer of high value organic-certified and conventional coconut products such as coconut water, virgin coconut oil, desiccated coconut, and the like.
Century Pacific is primarily engaged in the development, marketing, and distribution of processed fish, meat, and dairy products. Its brands include Century Tuna, Argentina Corned Beef, 555 Sardines, Angel, and Birch Tree, which have established market-leading positions locally. It also provides private label tuna products for export overseas.