Branded goods drive Century Pacific’s profit rise

CENTURY Pacific Food, Inc.’s third-quarter attributable net income climbed by 0.4% to P1.27 billion after the food products manufacturer booked higher sales led by its branded segment.

“The performance was primarily driven by the company’s branded business, which comprised the majority of its sales,” the company said in a press release on Thursday.

In the three months that ended September, the company’s topline totaled P15.87 billion, up by 12.8% from P14.08 billion last year.

Its cost of goods sold climbed by 13% to P12.18 billion from the P10.77 billion it recorded a year ago. Operating expenses in the quarter were also higher at P2.25 billion, a 19.9% climb from P1.88 billion in the previous year.

Century Pacific Chief Financial Officer Richard Kristoffer S. Manapat said plans are underway as “2023 is on the horizon.”

“We continue to see higher costs working their way into the system,” he said. “While conditions remain uncertain at this point, we have full confidence in our brands, our team, and business model to remain resilient.”

YEAR-TO-DATE PERFORMANCE
In the nine months to September, the company’s attributable net income climbed to P4.22 billion, a 6.1% jump from the P3.98 billion it posted last year.

Year to date, Century Pacific’s net revenue amounted to P46.95 billion, which is 14.3% higher than P41.08 billion a year ago.

The company said that its branded segment, which is composed of its marine, meat, milk, and other emerging businesses, drove the increase with a 17% year-on-year growth during the nine-month period.

It also added that its original equipment manufacturer, or OEM tuna and coconut exports business, registered a 5% growth year on year.

“[It was] driven by improving freight rates, easing supply chain pressures, and favorable movements in commodity prices,” the company said.

Its cost of goods sold was also higher at P35.45 billion, up by 14.1% from P31.05 billion in the previous year.

The company’s operating expenses climbed by 22.3% to P6.6 billion from P5.4 billion expenses it posted last year which the company attributed to recently launched innovations, investments and higher logistics costs.

Century Pacific owns brands and household consumer names such as Century Tuna, 555, Argentina, and Birch Tree.

On the stock exchange on Thursday, shares in Century Pacific climbed by 10 centavos or 0.41% to P24.20 apiece. — Justine Irish D. Tabile