Century Pacific Food Inc., one of the leading canned food companies in the country, said net income jumped 21 percent in the first half to P2.7 billion from a year ago, on the back of higher export sales and strong local demand.
CNPF said in a disclosure to the stock exchange first-half revenues climbed 8 percent to P27 billion despite the surge in sales in the same period last year due to pantry loading.
The company said the positive first-half performance was driven by the double-digit growth in the exports business, which went up by 29 percent year-on-year as a result of the continuous reopening of global markets.
The company also benefited from favorable tax rates with to the implementation of the Corporate Recovery and Tax Incentives for Enterprises law and an income tax holiday on its new tuna plant, lowering effective income tax rates to 16 percent.
“As we ease into the second half of the year, we acknowledge that we are still very much in uncertain times. We continue to monitor key risks, such as inflationary pressures and forex fluctuations, and we have plans in place to mitigate and hedge ourselves against the potential impact,” said CNPF chief finance officer Chad Manapat.
