Century Food Declares Special Cash Dividend

Century Pacific Food, Inc. (PSE: CNPF), one of the Philippines’ leading food and beverage companies, declared a special cash dividend of PHP 0.48 per share, effectively doubling the dividends declared in 2024.

CNPF increased its capital expenditures (CapEx) investment plan for 2024, earmarking PHP 4 to 5 billion. I Photo: Century Pacific Food, Inc.

In February this year, CNPF declared dividends amounting to PHP 0.48 per share, composed of a regular and special cash dividend of PHP 0.24 and PHP 0.24, respectively.

The dividends were approved by the board post the announcement during the Annual Stockholders’ Meeting held on the same day. The new special dividend declaration amounting to PHP 1.7 billion represents an additional 30% payout from CNPF’s 2023 net income.

The record date is set on 31 July 2024 with a payment date on 16 August 2024. In the first quarter of 2024, CNPF posted a 16% revenue increase and a 15% profit growth rate year-on-year.

Amidst a volatile environment, the company expects to deliver low double-digit top and bottom-line growth, hinged on its resilient branded business and recovering OEM exports segment.

Chris Po, CNPF Executive Chairman, said, “We are grateful to be able to deliver decent results amid a strained macroenvironment. With sustained sales growth and input costs trending favorably, we have elbow room to reinvest in growth and give our shareholders a healthy return.

This represents our continued trust and confidence in the business and the plans we have in place to deliver long-term, sustainable growth.”

CNPF increased its capital expenditures (CapEx) investment plan for 2024, earmarking PHP 4 to 5 billion.

The elevated CapEx includes the USD 40 million investment set for the expansion of the capacity of its fast-growing coconut business. This is expected to generate 1,500 quality manufacturing jobs in Mindanao.