Century Pacific Food Inc. said Wednesday net income grew 20 percent in 2021 to P4.7 billion from a year ago, as its branded business segment drove revenues higher.
CNPF said in a disclosure to the stock exchange the 2021 revenues rose 13 percent to P54.7 billion on robust sales from the export business and the strong performance of branded food business, which includes marine, meat and milk.
It said exports climbed 29 percent from the previous year on the global economic reopening and higher demand for healthier products.
The company’s branded segment also reached P42.8 billion, up 10 percent from a year earlier. Gross margin dipped 1.4 percentage points on the general rise in raw prices globally.
CNPF chief finance officer Chad Manapat said demand for consumer staples remained resilient in 2021 amid prolonged pandemic.
“Amidst a challenging macroeconomic environment, we are pleased to keep our strong growth momentum in 2021. Apart from the healthy operational performance, the company has likewise benefitted from favorable tax rates due to the implementation of the Corporate Recovery and Tax Incentives for Enterprises Act, allowing us to reinvest in growth and sustainability programs,” Mandapat said.
CNPF said it started 2022 at a positive pace as it saw first-quarter revenue increase by high single-digit, fueled by the branded segment.
“2022 is shaping up to be another challenging year with pandemic disruptions and geopolitical events resulting in a high-inflation environment,” CNPF chairman Christopher Po said.
“We continued to see strong revenue growth in the first quarter but significant uncertainty lies ahead. We will continue to play the long game and invest in the business. At the same time, our team has plans in place to mitigate the new risks that emerged and still aim to deliver decent business results,” Po said.
The company announced in December the acquisition of the ‘Ligo’, a heritage brand known for its high-quality marine products. The deal is expected to close within the first half of 2022.
