Century Pacific cooks up P6.3B profit in 2024

Century Pacific Food, Inc. (CNPF) grew its net income by 14 percent to P6.3 billion in 2024, as booming exports and steady branded sales helped the food giant thrive despite a soft consumer market.

In a stock exchange report on Tuesday, the listed food manufacturer said revenues climbed 12 percent to P75.5 billion, lifted by a 36 percent surge in its export segment — mainly tuna and coconut products — on the back of strong global demand, lower input costs, and a favorable commodity cycle.

“Our results in 2024 highlight the resilience and balance of our synergistic portfolio,” CNPF Chief Financial Officer Chad Manapat said.

“Diversification allowed us to navigate economic headwinds more effectively, with exports benefiting from a favorable commodity cycle and global demand — providing uplift amid a subdued domestic environment.”

Branded sales, which make up most of CNPF’s topline, rose 7 percent for the full year and 10 percent in the fourth quarter, buoyed by volume-led growth across marine, meat, milk, and emerging categories. Brand campaigns, pricing strategies, and promotions helped offset inflationary pressure on consumers.

Gross margins expanded by 210 basis points to 26.1 percent, allowing CNPF to reinvest in marketing, innovation, and sustainability without eroding profit ratios. EBITDA and net margins held steady at 12.7 percent and 8.4 percent, respectively.

Operating cash flow hit P8.1 billion, fueling expansion, debt payments, and higher dividends. The company also completed the acquisition of coconut processor Coco Harvest, which started operations in November.

“While that gives us reason to be optimistic, we remain mindful of lingering uncertainties on the cost side and ongoing shifts in the global trading environment,” said Manapat.

“We plan to tread 2025 with caution — remaining agile and responsive to change. We believe our diverse and resilient portfolio equips us well to navigate these crosswinds and continue delivering on our aspiration of double-digit growth — while staying true to our purpose of delivering affordable nutrition to the market.”