Century Pacific Food Inc. (CNPF), one of the leading branded food and beverage companies in the Philippines, said Monday it posted a net income of P5.6 billion in 2023, up 12 percent from a year ago despite the inflationary environment.
CPNF said in a disclosure to the stock exchange its revenues rose 8 percent year-on-year to P67.1 billion, as strong sales from branded business tempered the softness in exports business.
The branded segment posted an increase of 11-percent in sales, on the back of faster-growing milk and other emerging segments and the steady performance of core marine and meat segments.
“The branded business continued to exhibit resilience amidst a volatile macroeconomic environment. Our primary focus is on delivering affordable nutrition through our vast assortment of brands and products spanning multiple price tiers – our way of providing value to our consumers in both good and challenging times,” CNPF chief financial officer Chad Manapat said.
CNPF’s tuna and coconut exports saw a softening in 2023. Sales declined 4 percent year-on-year due to supply chain challenges and elevated commodity costs, which in turn led to softer markets.
This segment, however, started to recover in the fourth quarter of 2023, with sales increasing by 18 percent versus the same period last year, supported by favorable trends in commodities and a low comparable base.
CNPF’s gross margin landed at 24 percent, improving by 95 basis points year-on-year, on the back of downtrends in most of its input costs, especially towards the second half of the year.
CNPF also generated operating cashflows amounting to P8.4 billion in 2023. Of this amount, P1.4 billion was released as dividends, representing an 11-percent increase compared to the year before.
It also spent P1.5 billion for capacity expansion and sustainability initiatives to enhance the company’s capability to harness renewable energy.
CNPF expanded its solar capacity to 8.8 megawatts and commissioned a new biomass boiler that can be fueled by coconut shells.