Century Pacific Food Inc. reported its profit grew by 6 percent to P4.2 billion in the first 9 months of the year from P2.62 billion in the same period last year.
Revenues hit P47 billion, up 14 percent from P41.23 billion a year ago, driven by the company’s branded food products which comprised the majority of its sales.
The company credited its recovery in its original equipment manufacture business for the growth in the third quarter alone when revenues grew 13 percent.
“The OEM tuna and coconut exports business, hindered by high shipping costs earlier in the year, has recovered, registering a growth of 5 percent in the nine months on top of last year’s high base driven by improving freight rates, easing supply chain pressures, and favorable movements in commodity prices,” the company said.
The branded business composed of marine, meat, milk, and other emerging businesses, meanwhile grew 17 percent in the 9-month period.
“Volatile operating conditions and uncertainty set the scene in 2022, but these were cushioned by the Philippine economic reopening and a receding pandemic. As such, the economy continues to rebound, but Filipino families are still prioritizing their spending,” said Richard Manapat, Century Pacific chief financial officer.
Century Pacific said it has kept its gross margins at 24.5 percent. It noted continued softening in gross margins driven by the increase in prices of key raw materials and packaging quarter-on-quarter.
“The year 2023 is on the horizon, and plans are underway. We continue to see higher costs working their way into the system. While conditions remain uncertain at this point, we have full confidence in our brands, our team, and business model to remain resilient,” Manapat said.
