Century Pacific profit more than doubles in 2014

Century Pacific Food Inc., the Philippines’ largest canned food company, said its profits more than doubled last year behind robust revenue haul from its branded business.

The company’s net income last year rose 112 percent to P1.57 billion from P744 million in 2013.

It said growth was driven primarily by the 24 percent year-on-year revenue growth in its branded business following the success of various marketing campaigns and the expansion of distribution into regional areas.

“The Philippines’ economic conditions have also been favorable and the purchas- ing power of Filipinos has increased,” said Oscar Pobre, Century Pacific’s chief finance officer.

The firm said revenue from privatelabel export, meanwhile, declined 29 percent as pricing in the business segment is benchmarked against the price of tuna, which dropped significantly last year.

Combined unaudited revenue stood at P20.47 billion, eight percent higher than the previous year’s P19.02 billion, Century Pacific said.

Branded products accounted for 80 percent of total company sales while private label tuna exports accounted for 20 percent.

The company said net income margin improved to eight percent in 2014 from four percent in 2013.

“We hope to maintain the good momentum coming into 2015. We will continue to leverage on the company’s leading brands and strong distribution network, meanwhile exploring new product categories and markets,” Pobre said.

Century Pacific is engaged in the development, marketing, and distribution of processed fish, meat, and dairy products. It is behind leading brands such as Century Tuna, 555, Swift, Argentina and Birch Tree.