Food and beverage firm Century Pacific Food Inc. (CNPF) saw its third-quarter net income rise 13 percent to P1.43 billion from P1.26 billion in the same period last year amid the resilient domestic consumer demand.
CNPF said in a disclosure to the stock exchange Wednesday its third-quarter net revenues went up by 7.3 percent year-on-year to P17 billion, with branded business growing by 14 percent compared to the third quarter of 2022.
“Amidst headwinds, we saw domestic consumer demand for our brands and products remain resilient, underscoring the relevance of affordability and accessibility. We focused our programs towards value-for-money offerings and innovations,” CNPF chief finance officer Chad Manapat said.
“We also continued to benefit from a diversified, all-weather portfolio, which allowed us to deliver a consistent growth performance for both the topline and the bottomline despite a complex operating environment,” he said.
Net income in the first three quarters also climbed 10 percent to P4.63 billion as revenues rose 7 percent to P50.5 billion.
The group’s branded business, composed of the marine, meat, milk and other emerging segments, contributed largely to the company’s revenues.
The company’s OEM tuna and coconut exports segment declined 10 percent in the first nine months of the year on softer demand amid global inflation.
CNPF said it expanding to 8.6 megawatts (MW) from 5.2 MW the capacity of its General Santos solar plant, which supplies clean power to its largest manufacturing hub in the Philippines.
It is also commissioning a biomass boiler for its coconut production facility in Mindanao.
The share price of CNPF added P0.30 to close at P29 Wednesday.
