Century Pacific Food eyes to surpass growth goal

LISTED Century Pacific Food Inc. aims to surpass its growth target this year on the back of an expected increase in demand for its goods.

During his company’s virtual stockholders’ meeting on Tuesday, Century Pacific Food Chairman Christopher Po said the firm expected to end the year besting its usual growth goal of 10 to 15 percent.

“We are looking…to deliver high-teens-type of earnings growth or better this 2020,” he added.

The government’s implementation of an enhanced community quarantine in mid-March to contain the spread of the coronavirus disease 2019 (Covid-19) in the country increased demand for the company’s products.

These included Century Tuna, Argentina, 555, Swift, Birch Tree Fortified Milk, Angel Milk, Fresca, Wow Ulam and Hunt’s.

As a result, the food manufacturer saw its net income climb by 31 percent to P1.04 billion in the first quarter and revenues jump by 24 percent to P12.11 billion

“In good times, we are aiming to consistently grow two times the GDP (gross domestic product), but [in] more challenging periods, we can even outperform, given the staple nature of our products,” Po said.

“We look forward to once again [grow] our business over the next five years, sustaining growth of 10 to 15 percent compounded annually in both our top and bottomline,” he added.

Century Pacific Food also maintained its P2.1-billion capital expenditures for the year.

Century Pacific Food shares climbed by 14 centavos or 0.95 percent to finish at P14.80 apiece on Thursday.