Century Pacific Food's Net Income Surges 15% To PHP1.7 Billion In Q1 2024

Century Pacific Food, Inc. (CNPF), a prominent food and beverage company in the Philippines, reported a net income of PHP1.7 billion for the first quarter of 2024, marking a 15% increase from the same period in 2023.

During the first quarter of 2024, CNPF launched its biennial flagship campaign, Century Tuna "Superbods 2024: Best You Ever," promoting health, wellness, and fitness. I Photo: Century Tuna Superbods Facebook

Its consolidated sales for the first three months of the year amounted to PHP18.2 billion, with the majority of sales coming from the Branded Business, comprising the Marine, Meat, Milk, and other emerging segments, as disclosed to the Philippine Stock Exchange (PSE).

The company also announced the recovery of its commodity-linked OEM Tuna and Coconut Exports business.

Chad Manapat, CNPF’s Chief Financial Officer, highlighted that they were able to achieve volume-led, double-digit growth despite consumer headwinds and soft markets.

He attributed this success to CNPF's all-weather business model and diversified portfolio, which provided consumers with affordable sources of nutrition, keeping their brands relevant during this time.

During the first quarter of 2024, CNPF launched its biennial flagship campaign, Century Tuna "Superbods 2024: Best You Ever," promoting health, wellness, and fitness, along with other campaigns emphasizing value-for-money offerings in Meat and new packs in Milk highlighting their nutritional credentials.

CNPF also announced a new expanded agreement with The Vita Coco Company, Inc., which includes additional incremental volumes amounting to approximately 90 million liters of coconut water over the next five years.

Under this agreement, CNPF will commit USD40 million to expand its coconut processing capacity, expected to create 1,500 quality manufacturing jobs in Mindanao, Manapat emphasized.