CENTURY Pacific Food Inc. (CNPF) posted profits of P3.1 billion last year, up 11 percent from P2.79 billion the prior year.
Revenues grew 7 percent to P40.6 billion from P37.94 billion the previous year, primarily driven by double-digit growth in its branded business.
“The branded business, comprised of the marine, meat and milk business units, saw sales increase by 12 percent year-on-year, hitting P31.2 billion in topline and accounting for 77 percent of overall revenues,” the company said.
“In contrast, the commodity-linked tuna and coconut OEM business, whose revenues accounted for the balance of 23 percent, saw sales fall by 6 percent year-on-year on the back of lower commodity prices,” it added.
CNPF said favorable commodity price trends helped the company to improve its gross profit, growing faster than sales, by 20 percent.
“This translated to a 250-basis point rise in overall gross profit margin to 24 percent,” the company said.
“The improvement in gross profit likewise allowed the Company to invest more heavily in brands, new product development, and innovations, leading to an increase in operating expense of 13 percent,” it added.
CNPF said it closed the period with net gearing of 0.2x, while net interest-bearing debt to earnings before interest, tax, depreciation and amortization was at 0.7x.
“The Company’s return on equity likewise remained steady at 18 percent,” CNPF said.
