Century Pacific Food Inc. (CNPF) saw its net income grow 11 percent to P2.1 billion in the first quarter of 2024 from P1.9 billion a year ago.
The company said in a stock exchange filing Thursday revenues jumped 15 percent to P23 billion, led by its branded segment. Marine, meat, milk and coconut products accounted for 80 percent of total sales, while tuna and coconut original equipment manufacturing (OEM) exports contributed the remaining 20 percent.
CNPF said its branded segment volume increased 11 percent as consumers prioritized value and trusted brands during a period of economic uncertainty. Meanwhile, the OEM export business recorded a 32-percent recovery following previous lows, benefiting from improving tuna markets and steady global demand for coconut products.
The company said it achieved these results despite geopolitical tensions that have pressured global markets.
“With the ongoing conflict in the Middle East, we are clear-eyed that the months ahead will be marked by headwinds. The aspiration to sustain our double-digit growth momentum remains as we balance the needs of our stakeholders. Our conviction in long-term growth opportunities remains, and we continue to look for opportunities to invest in capacity, technology, supply chain, and the organization,” Century Pacific chief financial officer Chad Manapat said.
