Century Pacific Food's net income up 6%

CENTURY Pacific Food Inc. (CNPF) posted a 13 percent topline growth in the third quarter of 2022 on the back of resilient domestic demand and the continued recovery of its original equipment manufacturing (OEM) exports business. Consolidate revenues for the first nine months of the year amounted to P47 billion, increasing by 14 percent from the same period last year. The performance was primarily driven by the company’s branded business, which comprised the majority of its sales. Composed of marine, meat, milk, and other emerging businesses, the branded segment outperformed, clocking in a growth of 17 percent year-on-year for the nine-month period, demonstrating resilience in consumer demand. The OEM tuna and coconut exports business, hindered by high shipping costs earlier in the year, has recovered, registering a growth of five percent in the first nine months of 2022 on top of last year’s high base driven by improving freight rates, easing supply chain pressures, and favorable movements in commodity prices. CNPF is home to market-leading brands and household names such as Century Tuna, 555, Argentina, and Birch Tree. CNPF’s net income after tax for the period registered at P4.2 billion, posting a growth of six percent year-on-year. (PR)