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Canned goods maker Century hikes profit by 31% to P1.4b

Century Pacific Food Inc. one of the country’s largest food companies, saw its first-quarter net income rise 31 percent to P1.4 billion year-on-year, boosted by the strong demand for canned good products amid enhanced community quarantine period.

Century Pacific said in a disclosure to the stock exchange Thursday said first-quarter consolidated revenues jumped 24 percent to P12.1 billion.

Sales of the branded businesses–marine, meat and milk–were up 31 percent to P10.1 billion, accounting for 83 percent of the overall revenues.

Growth was seen across all business units as majority of the company’s products are shelf-stable and consumed at home.

Tevenues from the commodity-linked OEM export businesses were largely flat year-on-year, with some capacity being re-allocated to domestic requirements.

“During these challenging times, we recognize the importance of making our products as accessible as possible nationwide. Amidst logistical and operational challenges, we are able to run our factories and supply chain round the clock, thanks in part to the Department of Trade & Industry and the Inter Agency Task Force, as well as the agility and resourcefulness of our own team,” Century Pacific chief finance officer Oscar Pobre said.

“Much of the credit goes to our frontliners—in production, logistics, and sales—who have been working day-in and day-out to support our products’ availability in retail stores and the various relief operations mounted by local government units, NGOs, and private sector. One of our top priorities is the health, safety, and well-being of these frontliners, alongside that of our other employees,” he added.

Operating expenses increased 46 percent after incurring additional costs in the implementation of the employee assistance programs and enhanced procedures to ensure health and safety in the work place.

These include various protective equipment and vitamins for employees, as well as transportation and dormitory services in some facilities. Nearly 1 million food packs have also been given out to hospitals and communities severely impacted by COVID-19.

“There are still a lot of uncertainties as to what the balance of year will look like, including what the pandemic’s effects will be on the broader economy and consumer demand. Nonetheless, employee welfare and product availability will remain our top priorities and we are taking the necessary steps—including hiring additional personnel, increasing our logistic capabilities, and ramping up safety and security in our facilities—to help address the requirements as best we can,” said Pobre.

Topics: Century Pacific Food Inc. , net income , coronavirus disease 2019 , COVID-19 , enhanced community quarantine
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