CENTURY Pacific Food Inc. grew profit in the first quarter of the year by 31 percent to P1.04 billion, from P793 million a year ago.
Revenues increased 24 percent to P12.1 billion, from P9.75 billion last year, on the back of heightened demand in March following the implementation of the enhanced community quarantine in various parts of the country due to the coronavirus pandemic, the company said.
As most of the public had to stay at home, consumption was limited to basic necessities like food, of which Century Pacific is a major producer. The quarantine also encouraged people to stock up on consumption goods which hiked the demand for its production by manufacturers.
“In particular, sales of the branded businesses — Marine, Meat and Milk — were up 31 percent to P10.1 billion, accounting for 83 percent of overall revenues. Growth was seen across all business units as majority of the company’s products are shelf-stable and consumed at home,” the company said.
Century Pacific said topline from the commodity-linked OEM export businesses were largely flat with some capacity being re-allocated to domestic requirements.
“During these challenging times, we recognize the importance of making our products as accessible as possible nationwide. Amidst logistical and operational challenges, we are able to run our factories and supply chain round the clock, thanks in part to the Department of Trade & Industry and the Inter Agency Task Force, as well as the agility and resourcefulness of our own team,” said Oscar Pobre, Century Pacific chief finance officer.
“Much of the credit goes to our frontliners — in production, logistics, and sales — who have been working day-in and day-out to support our products’ availability in retail stores and the various relief operations mounted by local government units, NGOs, and private sector. One of our top priorities is the health, safety, and well-being of these frontliners, alongside that of our other employees,” Pobre added.
