LISTED Century Pacific Food, Inc. (CNPF) reported a 15% increase in its first-quarter net income to P1.7 billion, led by stronger exports and favorable commodity costs.
Consolidated revenue improved by 16% to P18.2 billion, driven by the 10% growth of the branded business composed of the marine, meat, milk, and other emerging segments, CNPF said in a statement to the stock exchange on Wednesday.
CNPF also benefited from the 49% sales increase of original equipment manufacturer (OEM) tuna and coconut exports.
CNPF Chief Financial Officer Richard Kristoffer S. Manapat said the company continues to operate with cautious optimism as it aims to grow the business in the low double-digit territory.
“We are thankful for the first quarter’s healthy momentum, which we expect to normalize and align with our full-year outlook as we move forward. Uncertainties remain, especially with inflation looming over our operating landscape and dampening consumer sentiment,” he said.
“On the branded side, our offerings come in different price tiers to serve varying consumer needs. We focused on providing our consumers with affordable sources of nutrition, keeping our brands relevant during this time. Meanwhile, the OEM exports business, which was challenged last year, is in recovery mode, given tailwinds in commodities,” he added.
CNPF previously committed $40 million to expand its coconut processing capacity, which will serve both its OEM and domestic coconut business with room for growth.
The commitment is part of an expanded agreement with US-based beverage firm The Vita Coco Company, Inc., which requires approximately 90 million liters of coconut water over the next five years.
On Wednesday, CNPF stocks declined by 2.14% or 80 centavos to P36.55 per share. — Revin Mikhael D. Ochave