Century Pacific Food Inc., one of the Philippines’ leading food companies, booked a net income of P2.8 billion in 2018, up nine percent from the level in 2017, on record-high revenues.
CNPF said in a disclosure to the stock exchange consolidated sales increased 15 percent to P39.7 billion, driven primarily by the strong growth in branded sales.
The branded food business accounted for 75 percent of total revenues equivalent to P29.8 billion. This translates into a 20 percent increase year-on-year in branded with all three subunits of marine, meat, and milk registering higher sales on an expanding base.
“Despite some headwinds last year in consumer sentiment due to inflation, demand for our products remained robust—exhibiting even faster than expected growth,” said CNPF’s chief finance officer Oscar Pobre.
“Sales volumes sustained their upward trend in an environment of relatively high food prices which highlighted the affordability and quality of our products,” he added.
