Century Pacific Food see earnings rise by 24%
Century Pacific Food, Inc. (CNPF), one of the Philippines’ leading branded food companies, saw earnings rise by 24% in 2020.
The company ended the year with net income of Php3.9 billion, according to its unaudited full year 2020 results.
2020 consolidated revenues grew by 19%, to Php48.3 billion, driven primarily by the outperformance of the Branded business which saw sales increase by 25% versus the same period last year.
The Branded business – composed primarily of the Marine, Meat, and Milk business units – remains to be majority of the Company’s overall sales representing 81% of total topline.
Christopher Po, executive chairman, said: “We saw robust demand for our branded products all throughout 2020 – beginning with a strong pre-COVID 19 performance, followed by pandemic-related demand spikes, then sustained growth to wrap up the year due largely to the essentials and staples nature of our portfolio.
“Amidst the uncertainties of 2020, our strong position allowed us to focus primarily on the future – improving our digital capabilities, increasing capacities across our value chain, and building up a robust pipeline of innovative and new products.
“Over the next 12 to 18 months, we look forward to releasing these to market as we persist in our mission of providing affordable nutrition to the Filipino population.”
Read Century Pacific Food Inc’s full results here.
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