CNPF net income up by 12% in 2023

Century Pacific Food Inc. (CNPF), the Po family’s listed food and beverage firm, overcame headwinds from inflationary environment last year to finish with a doubledigit profit growth, driven by a strong performance of its branded business.

CNPF saw its net income after tax rise by 12 percent yearon-year to P5.6 billion in 2023.

The increase came on the back of an eight-percent jump in consolidated sales during the year at P67.1 billion.

CNPF said it has been demonstrating consistent revenue growth for the past five years with a compounded annual growth rate of 13 percent.

The company’s robust topline performance for 2023 was primarily attributed to the performance of the branded business, whose 11 percent increase outweighed the softness of the original equipment manufacturer (OEM) exports segment.

Comprising the majority of the group’s sales, the branded segment is composed of marine, meat, milk and other emerging segments such as pet food, coconut, refrigerated food and plant-based alternatives.

“The branded business continued to exhibit resilience amidst a volatile macroeconomic environment,” CNPF chief financial officer Chad Manapat said.

“Our primary focus is on delivering affordable nutrition through our vast assortment of brands and products spanning multiple price tiers – our way of providing value to our consumers in both good and challenging times,” Manapat said.

The OEM tuna and coconut exports segment, meanwhile, posted a four-percent decline due to challenges.

“On the whole, we are pleased to deliver consistent and profitable growth despite operating in a volatile environment in 2023. We attribute this to the all-weather nature of our business model, diversified portfolio and prudent usage of our resources,” Manapat said.

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