Century Pacific Food net income up 6% YoY in FY22

Its revenue increased by 14% boosted by its branded businesses.

Philippines-based Century Pacific Food registered a 6% year-on-year (YoY) growth in net income to reach $92m (P5b) as its sales rose but was affected by inflationary pressures on the cost side.

In a statement, Century Pacific said its sales rose by 14% YoY with consolidated revenues at $1.1b (P62.2b) due to the outperformance of its branded business that represent the majority of the topline.

It is composed of marine, meat, milk and other emerging businesses which rose 16% due to resilient domestic demand.

“The financial performance in 2022 was a result of CNPF’s all-weather and resilience focused business model. We approach 2023 with cautious optimism – focused on delivering topline and bottomline growth but cognizant of our consumers’ plight, considering persistent inflationary pressures,” said Chief Financial Officer Chad Manapat.

“We have some inventory overhang from 2022, which may cause bottomline to lag in the first half, but expect margin improvements as commodities ease. While we still see uncertainties marring the landscape, we continue to navigate and adapt to create value for our stakeholders and remain resolute in our mission to deliver affordable nutrition to Filipino families,” he added.

The company’s OEM exports business also jumped 4% YoY on top of a high base from last year. Exports started slow but picked up in the second half due to “favourable movements in freight rates, forex, and commodities.”

$1 = P54.34