Century Pacific Food Inc. grew its profit by 26 percent to P3.3 billion in the first nine months of the year compared with P2.61 billion last year.
The company said topline posted a 21 percent increase but did not provide the comparative data. It has yet to release its financial statement.
Century Pacific however recorded a topline of P30.36 billion last year, suggesting that this year’s nine-month revenue reached around P36.74 billion.
The company reported its branded business – composed primarily of its marine, meat and milk business units – remains to be majority of its overall sales at 81 percent of total topline.
“Year-to-date, branded revenues have increased 28 percent, outperforming the company’s consolidated revenue growth of 21 percent during the same period,” Century Pacific said.
“The balance of Century Pacific’s 19 percent of sales is accounted for by its commodity-linked OEM export (tolling) business, which has seen topline decline year-on-year as a result of softer commodity prices, reallocation of capacity to domestic requirements, and a strong peso,” it added.
The company noted it benefited from the various government-mandated lockdowns, which limited mobility during the period but have since eased over the last few months.
“In spite of easing restrictions, we continued to see healthy growth in the third quarter due largely to the essentials and staples nature of our portfolio. Demand was robust amidst a more challenging environment and weaker consumer sentiment given our value for money positioning,” said Oscar Pobre, Century Pacific chief finance officer.
As a result, he said Century Pacific products continue to take a sizable portion of the consumer basket across all income classes, and have proven resilient regardless of the macroeconomic conditions.
“The amount of uncertainty, alongside a heightened consciousness over health and safety, also has more people continuing to stay at home, gravitating towards brands they trust, and consuming products that promote increased well-being and immunity. These emerging trends have shifted many consumer behaviors in our favor,” Pobre added.