Century Pacific Foods earns P1.5B

CENTURY Pacific Food, Inc. (CNPF) reported on Wednesday a 6.4% rise in attributable net income to P1.5 billion in the third quarter from P1.41 billion a year ago.

“Entering the year, we are mindful of the challenges ahead — from supply constraints in one of our business units to macroeconomic headwinds and the carryover inventory from 2022,” said CNPF Chief Finance Officer Richard Kristoffer S. Manapat said in a press release.

During the first quarter, the company reported a 13% increase in consolidated revenues to P15.6 billion “despite high bases set during the pandemic.”

The majority of the company’s topline figure is contributed by marine, meat, milk, and other emerging segments such as pet food, coconut, and plant-based alternatives. Revenues from the branded business segment grew by 7% year on year.

Earnings before interest, taxes, depreciation, and amortization increased by 7.7% to P2.3 billion.

The company’s original equipment manufacturer export business inched up 1% to P2.6 billion compared to its previous record.

“Despite inflationary pressures, net profit margin was sustained at P9.6%. CNPF saw strong cashflow generation for the period with operating cashflows amounting to P1.9 billion,” the company said.

On Wednesday, shares in Century Pacific Food went up 20 centavos or 0.77% to close at P26.20 each. — S. J. Talavera