Century Pacific net income up 9% in 2018

Listed canner Century Pacific Food Inc. (CNPF) posted a 9-percent increase in its net income in 2018, on the back of the growth of the company's branded sales segment.

In a regulatory filing submitted by Investor Relations and Treasury Head Giovanni Vera, the company reported a consolidated and unaudited earnings of P2.8 billion.

CNPF ended the year with a 15-percent growth in its top line at P39.7 billion, with branded sales accounting for 75 percent or P29.8 billion.

"Despite some headwinds last year in consumer sentiment due to inflation, demand for our products remained robust – exhibiting even faster than expected growth," said CNPF Chief Finance Officer Oscar Pobre.

Among the brands under CNPF's portfolio are Century Tuna, 555, Blue Bay, Fresca, Lucky 7, Argentina, Swift, Shanghai, Wow, Angel, Birch Tree, Kaffee do Oro, and Home Pride..

"Sales volumes sustained their upward trend in an environment of relatively high food prices which highlighted the affordability and quality of our products," added Pobre.

The company in 2018 pushed to expand its distribution and availability, focusing on the Visayas and Mindanao regions, pushing its operational expenses higher.

“On operating expense, however, higher fuel prices and faster growth in farther-flung areas translated to increased freight and logistics costs," said Pobre.

"Nonetheless, we are quite pleased with our overall performance this 2018, posting decent earnings growth relative to a more challenging 2017," he added. —KBK, GMA News