Century Pacific sees robust profit, sales this year

MANILA, Philippines — Century Pacific Food Inc. (CNPF) expects its income and revenue to grow by double digits this year as demand for canned and packed food products continue to rise.

CNPF executive vice president and COO Gregory Banzon yesterday said the firm plans to keep a balanced portfolio that caters to the premium segment and the mass market.

With this strategy, CNPF targets consumers who have the capacity to stockpile food to prepare for future lockdowns, and local governments that purchase items in bulk to distribute to poor families, Banzon said.

“We have structured our business to be robust during good times. We have what you will call as premium brands, but we maintain a portfolio of mass market brands,” Banzon said in his speech at the general membership meeting of the Hotel Sales and Marketing Association.

“(The social amelioration program) was a bit of a boost as consumers during lockdown needed to stock up on products. There is a good range of products that they need to keep at home,” he said.

Banzon said CNPF anticipates a double-digit increase in its profit and sales given the gradual easing of movement restrictions that now allow consumers to leave their homes and buy their needs.

“Into 2021, we [expect a] trajectory of a double-digit growth both in terms of sales and profit,” the CNPF official said.

Banzon said food manufacturers in general expect demand for food items to pick up pace now that the economy is gearing toward recovery.

Last year, CNPF’s net income grew by nearly a fourth to P3.87 billion, from P3.14 billion in 2019. Likewise, revenue improved by more than 19 percent to P48.3 billion, from P40.56 billion, as the firm benefited from increased demand in marine, meat, and milk products.

CNPF managed to sustain its performance to 2021 by starting the year with an over 24 percent growth in profit in the first quarter to P1.28 billion from P1.03 billion during the same period last year. Its revenue also went up by roughly 11 percent to P13.46 billion from P12.14 billion.

For this year, the Po family’s business unit plans to introduce new brands in the refrigerated and chilled items segment as part of efforts to widen its offerings.

CNPF makes some of the most popular canned products in the Philippines, including Argentina, Century Tuna and 555 brands.