Century Pacific to supply food products for Russian firms

CENTURY Pacific Food Inc. has entered into four agreements to supply tuna, sardines and coconut milk products to several Russian companies.

In a disclosure on Tuesday, the listed food and beverage firm said that it would be supplying tuna and sardines to the Magnit Food Retail Chain, Dalimo and LLC Dalpromryba.

Century Pacific, meanwhile, would be supplying coconut milk products to Panasia Impex Co. Ltd.

“Russia is an attractive market for us because of its large, increasingly affluent, and highly educated population,” Century Pacific Chief Operating Officer Gregory Banzon said.

The inking of the deals came after the accreditation of its manufacturing plants, which Century Pacific said would help in meeting the demand of its Russian clients.

“The supply agreements will help us build a global consumer base for our flagship brand Century Tuna, which is already gaining traction abroad, and grow as well our emerging coconut milk business,” he added.

Consolidated net income of Century Pacific surged by nearly 9 percent to P1.71 billion in the first six months from P1.57 billion of the previous year for the same period, driven by its branded segment.

Gross revenues for the period, meanwhile, climbed by 5.06 percent to P19.72 billion as of endJune from P18.77 billion a year ago.

Century Pacific shares climbed by 8 centavos or 0.53 percent to close at P15.16 apiece on Tuesday.