CENTURY Pacific Food, Inc. (CNPF) reported a 7.7% increase in attributable net income to P1.54 billion in the second quarter from P1.43 billion a year ago as revenues rise after the robust performance of its branded businesses.
“The environment has been tough for the milk category, but we’re grateful that our efforts translated to a year-on-year revenue growth of 23% in the first half. BirchTree’s market share increased from 22% to 24% during this time,” CNPF Vice-President and General Manager of Milk division Pyrus A. Dela Cruz said in a press release.
The company posted a 20% in net revenue to P16.35 billion from the previous year’s P13.62 billion.
“Entering the second half of the year, we are seeing some respite as cost pressures begin to ease for some inputs like tuna, packaging, and freight. We are still pursuing a mid-teens topline growth for the year,” CNPF Executive Chairman Christopher T. Po said.
The company reported higher operating expenses totaling P2.23 billion, a 51.2% increase from the previous year’s P1.47 billion.
It attributed the rise to higher logistics costs, continuous investment in recently launched innovations, support for demand amidst rising input prices, and brand-building activities like its Century Tuna Superbods LoveStrong campaign.
Year to date, the company’s attributable net income rose by 8.5% to P2.95 billion from P2.72 billion a year earlier.
CNPF manufactures, markets, and distributes processed marine, meat, milk, coconut, plant-based, and pet products. It has developed a roster of household names, which include Century Tuna, Argentina, 555, Angel, and Birch Tree.
CNPF also operates as one of the Philippines’ leading providers of private label tuna and coconut products for export overseas.
On the stock exchange on Wednesday, CNPF shares went up by P1.15 or 4.93% to P24.50 apiece.