MANILA - Century Pacific Food (CNPF) on Tuesday said it posted a 15 percent increase in net income for the third quarter on robust sales of its branded canned goods and milk products.
Net income for the third quarter was slightly above P1 billion compared to P898 million it posted in the same quarter last year.
The firm said profit growth was driven by the 16 percent revenue leap in its branded marine, meat and milk products which include Century Tuna, 555, Argentina and Birch Tree, among others. These account for 81 percent of the company’s total revenue.
From January to September this year, CNPF recorded a 27 percent rise in consolidated net income to P3.3 billion.
“In spite of easing restrictions, we continued to see healthy growth in the third quarter due largely to the essentials and staples nature of our portfolio. Demand was robust amidst a more challenging environment and weaker consumer sentiment given our value for money positioning,” said Oscar Pobre, CNPF Chief Finance Officer.
Moving forward, the company said its pipeline of new products will include unMeat -- the first vegan plant-based brand in the Philippines.
The vegan product is in line with CNPF’s goal to become a healthier food company and do business in a more responsible way.
”Amidst an unusual year, we are proud to see our teams step up to, not only meet the unexpected jump in demand, but also develop new products and continue on our sustainability journey,” Pobre said.