Century Pacific Food Inc. said Friday it booked P4.2-billion net income in the first nine months, up 6 percent from P3.87 billion it posted in the same period last year on higher sales amid the strong performance of its branded business and the recovery of its export business.
CNPF, a leading branded food and beverage company, said in a disclosure to the stock exchange nine-month sales rose 14 percent year-on-year to P47.3 billion.
CNPF chief financial officer Richard Manapat said the reopening of the domestic economy and a receding pandemic cushioned the impact of the volatile operating conditions and uncertainty in the market.
“On the whole, we are grateful for the results delivered by the team amid these extraordinary times—a clear demonstration of the resilience of the Filipino. Nonetheless, we are keeping a close watch on the operating environment. As we adjourn 2022, we look towards posting decent growth and returns by yearend,” Manapat said.
CNPF said the group’s branded business, composed of marine, meat, milk and other emerging businesses, continued to account for the bulk of sales. This segment posted 17-percent sales growth, demonstrating resilience in consumer demand.
The group’s OEM tuna and coconut export business also registered 5-percent increase in nine-month sales on easing supply chain pressures and favorable movements in commodity prices.
Operating expenses as a percentage of sales stood at 14.1 percent year-to-date, increasing by 100 basis points on continuous investment in new products and brand building, support for demand amid rising input prices and higher logistics costs.
Third-quarter net income was flat at P1.26 billion even as revenues rose 13 percent to P16.1 billion.
CNPF executive chairman Christopher Po earlier said earnings growth could slow down this year to “mid-to-high single digit” because of rising costs.
“2023 is on the horizon, and plans are underway. We continue to see higher costs working their way into the system. While conditions remain uncertain at this point, we have full confidence in our brands, our team, and business model to remain resilient,” Manapat said.
