Century record rare H1 growth

Demand for our shelf-stable products or those with a long storage life grew through the months of April, May and June

Food processing giant Century Pacific Food Inc. (CNPF) was one of the few companies which managed a strong first half showing as its net income increased by 31 percent to P2.2 billion, driven primarily by a 28 percent growth in consolidated revenues.

In the second quarter alone, net income was up 32 percent, slightly higher than the 31 percent increase during the first three months.

“Our priorities continue to be keeping our employees safe, doing what we can for our communities, and ensuring our products are available and accessible, most especially amongst those who need them the most,” CNPF’s chief finance officer Oscar Pobre said.

“Demand for our shelf-stable products or those with a long storage life grew through the months of April, May, and June as quarantine measures and fear of going out persisted,” he added.

The quarantine periods led to consumers spending more time at home and cooking their own meals.

“Our core branded products of marine and meat, which have long been staples of Filipino in-home consumption across all income classes, are benefiting the most from this trend. While sales growth in our emerging milk business has also held up with consumers gravitating toward value for money options,” he explained.

“Amid the uncertainties, we find that consumers increasingly prefer products and brands that are well-known and that they can trust. The growing importance of health and wellness has likewise benefited milk, with our flagship brand gaining significant share and prominence over the last couple of years,” the company official added.