CENTURY Pacific Food, Inc. saw its third-quarter attributable net income surge by 14.7% to P1.64 billion, fueled by growth in its branded segment.
In a regulatory filing on Wednesday, Century Pacific Food logged a gross revenue of P19.03 billion, up by 11% from P17.14 billion for the August-to-September period, its financial statement showed.
The company attributed its revenue growth to its branded businesses such as its marine, meat, and milk, and other emerging segments, Century Pacific Food said.
“Amid a soft consumer environment, the segment continued to post sustained growth, supported by a diverse portfolio of brands spanning progressive price tiers,” the company said.
For the nine-month period, Century Pacific Food logged an attributable net income of P5.28 billion, marking a 14% increase from P4.63 billion in the same period last year.
The company’s gross revenue ballooned to P56.88 billion for the January-to-September period, jumping by 12.4% from P50.59 billion in the same period last year.
The company also incurred higher expenses for the nine months to September, rising to P50.41 billion from last year’s P44.79 billion, according to its financial statement.
Further, the company said its OEM (Original Equipment Manufacturer) Exports business, which covers its tuna and coconut exports, recorded an improvement in 2024 as commodity prices and foreign exchange were favorable compared to last year.
Century Pacific Food said its operating cash flow for the nine months amounted to P4.9 billion, which allowed the company to fund its acquisition of Coco Harvest, Inc. and increase its coconut processing capacity.
Coco Harvest, which is a fully integrated coconut facility in Misamis Occidental, is expected to help support the company’s OEM coconut export business.
“Furthermore, it will help stimulate the local economy by increasing the demand for plant auxiliary services and providing market access to coconut farmers in the region,” it said.
At the local bourse, shares in the company closed 80 centavos, or 1.94% higher, to end at P42 apiece. — Ashley Erika O. Jose