Century Pacific net income up in Q1 as demand defies pandemic slump

ABS-CBN News

Posted at May 05 2021 03:08 PM

MANILA – Century Pacific Food Inc said Wednesday it started 2021 strongly as its net income rose 24 percent to P1.3 billion driven by sustained demand.

Consolidate revenues also registered a double-digit growth of 11 percent to P13.4 billion buoyed by its branded business that accounted for the majority of the total revenues, Century Pacific told the stock exchange. 

As demand remained resilient, the company said it is in the midst of expanding its coconut facility by close to 50 percent and its meat facility by 20 percent, it said.

Capacity investments are partly supported by the profits generated from lower tax rates due to the implementation of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law, it added.

Manapat said these developments would also generate jobs for over 500 Filipinos. 

“We remain cautiously optimistic and continue to monitor closely the demand for our core products, growth trajectory of our emerging categories, and performance of our new product launches. Meanwhile, we continue to build capabilities and invest in new areas which we believe will help us benefit from burgeoning consumer trends and the eventual recovery of the Philippine economy,” chief finance officer Chad Manapat said. 

Century Pacific is the manufacturer of household brands including items which are regularly found in "ayuda" (aid) packs such as Century Tuna, Argentina and 555.

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