Century Pacific food's net income up 24%

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CENTURY Pacific Food Inc. (CNPF) has ended 2020 with net income of P3.9 billion, up 24 percent versus the year before. Its consolidated revenues grew by 19 percent, to P48.3 billion, driven primarily by the outperformance of the branded business which saw sales increase by 25 percent versus the same period last year.

The branded business — composed primarily of the marine, meat and milk business units — remains to be majority of the company’s overall sales, representing 81 percent of total topline.

The balance of CNPF’s 19 percent of sales is accounted for by its commodity-linked OEM export business, which saw topline decline one percent year-on-year as a result of softer commodity prices, reallocation of capacity to domestic requirements and a stronger peso. It nonetheless continued to contribute positively to the company’s net income and cash flows. (PR)