Century Pacific nets P5.6 billion in 2023

Listed food and beverage firm Century Pacific Food Inc. reported a 12% growth in its 2023 net income, with sales driven by its branded business.

In an emailed statement, Century Pacific said its net income after tax climbed to P5.6 billion as sales climbed by 8% to P67.1 billion, with the branded segment — marine, meat, milk, and other emerging segments — growing by 11%.

“The branded business continued to exhibit resilience amidst a volatile macroeconomic environment,” Century Pacific Chief Financial Officer Chad Manapat said.

“Our primary focus is on delivering affordable nutrition through our vast assortment of brands and products spanning multiple price tiers — our way of providing value to our consumers in both good and challenging times,” he added.

The company’s original equipment manufacturer (OEM) tuna and coconut exports segment saw a 4% decline during the year, on the back of supply chain challenges and elevated commodity costs.

“On the whole, we are pleased to deliver consistent and profitable growth despite operating in a volatile environment in 2023. We attribute this to the all-weather nature of our business model, diversified portfolio, and prudent usage of our resources,” Manapat said.

“We ended the year on solid footing, putting us in a good position to reinvest in growth and sustainability as well as to provide our shareholders with a healthy return on their investment,” he added.

Century Pacific’s brands include Century Tuna, 555, Argentina, Birch Tree, Blue Bay, Fresca, Ligo, Swift, Wow, Lucky Seven, Angel, Kaffe de Oro, Coco Mama, Aquacoco, Home Pride, unMEAT, Choco Hero, and Goodest.

Its subsidiaries include Snow Mountain Dairy Corp., General Tuna Corp., Allforward Warehousing Inc., Century Pacific Agricultural Ventures Inc., Century Pacific Seacrest Inc., Century Pacific Food Packaging Ventures Inc., and Millennium General Power Corp., among others.

Shares in Century Pacific were last traded at P36.50 apiece, down by 30 centavos or 0.82% from last Friday’s finish of P36.80 per share. — DVM, GMA Integrated News