Century Pacific H1 earnings up 14%

Food canning giant Century Pacific Food Inc. posted a 14% growth in its earnings for the first six months of the year, buoyed by the recovery of its exports segment and the sustained growth of its branded business unit.

Century Pacific said its earnings climbed as its consolidated revenues increased to P37.7 billion, as its original equipment manufacturer (OEM) tuna and coconut exports segment rebounded 42% year-on-year on the back of improving commodity costs and a favorable foreign exchange.

The branded segment—including the marine, meat, and milk segments—accounted for bulk of revenues, posting a 7% annual increase in sales during the first half of the year.

“Our first half journey was no walk in the park, but we are encouraged by the company’s volume-led growth performance. We pulled through because of our diversified, all-weather business model,” Century Pacific chief finance officer Chad Manapat said in an emailed statement.

“We endeavor to keep this momentum throughout the year as we reinvest margin gains to further stimulate demand and give more value to our consumers. This strongly aligns with our missions to provide affordable nutrition for all,” 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 the company were last traded at P33.75 apiece, up by P0.65 or 1.96% from Tuesday’s finish of P33.10 per share. — BM, GMA Integrated News