Century Pacific income rises 12% in 2023 despite weak OEM exports

Century Pacific Food, Inc., one of the leading branded food and beverage companies in the Philippines, rounded 2023 by delivering consistent, profitable growth despite the inflationary environment. Net income after tax amounted to P5.6 billion, up 12 percent versus the previous year.

Consolidated sales amounted to P67.1 billion, an increase of 8 percent compared to 2022, delivering growth atop a challenging base. CNPF has demonstrated consistent revenue growth the past five years with a compounded annual growth rate of 13 percent. In 2022, its revenue increased by 14 percent year. 

CNPF’s performance in 2023 was fueled by the performance of its branded business, outweighing the softness of the original equipment manufacturer (OEM) exports segment. 

The branded segment is the primary growth driver of CNPF, comprising the majority of the group’s sales. It is composed of marine, meat, milk, and other emerging segments, such as pet food, coconut, refrigerated food, and plant-based alternatives. 

In 2023, the branded segment posted an increase of 11 percent, following a robust 16 percent growth from the year before. Branded sales were boosted by the faster-growing milk and other emerging segments and the steady performance of core marine and meat segments. 

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

CNPF’s commodity-linked OEM tuna and coconut exports segment saw a softening in 2023. The segment declined by 4 percent YoY, impeded by supply chain challenges and elevated commodity costs, which in turn led to softer markets. 
Nonetheless, the segment saw an upswing in the 4Q23, increasing by 18 percent versus the same period last year, supported by favorable trends in commodities and a low comparable base.