Century Pacific Food Inc., the Philippines’ largest canned food company, said consolidated net income climbed 37 percent last year to P2.66 billion from a year ago, on sustained revenue growth and the consolidation of a coconut subsidiary.
Century Pacific said in a disclosure to the stock exchange revenues grew 21 percent to P28.29 billion in 2016, supported by a double-digit increase in branded sales and robust top line from the coconut exports business.
“We continue to benefit from consumers’ increasing demand for affordable, convenient and healthy products,” said Century Pacific chief finance officer Oscar Pobre.
“While fourth quarter was slower than previous periods which benefitted from an election bump, our branded businesses have maintained market leadership in core segments and we have likewise gained traction in emerging product categories,” Pobre said.