Century Pacific Food Inc. (CNPF) said it expects its profit this year to post a “high-teens” growth, higher than its annual growth rate target of 10 to 15 percent, amid the increased demand for canned staple foods due to the new coronavirus disease 2019 (COVID-19).
“In good times, we aim to grow two times GDP (gross domestic product). During more challenging periods, we outperform due to the nature of our products,” said Christopher Po, CNPF executive chairman.
CNPF is beginning a new five-year growth cycle where it is aiming for a 10 to 15 percent compounded annual growth rate to grow its net income 1.5 times to 2 times 2019 earnings in five years.
To achieve this, Po said CNPF firm intends to grow its branded consumer goods, innovate within its existing businesses, as well as diversify and explore adjacent categories organically and through acquisitions.
CNPF is also taking advantage of evolving consumer trends where people eating more at home, become more budget and health conscious, and have turned to digital channels for the purchase of essentials, according to Po.