Century Pacific marks profitable 2023 with P5.6B net income

The Po family’s Century Pacific Food Inc. (CNPF) defied inflationary pressures to end 2023 with a net income of P5.6 billion, an increase of 12 percent. Revenues also rose 8 percent to P67.1 billion.

Gains were led by its branded segment, where sales grew 11 percent thanks to the strong performance of the marine, meat, milk and pet food and plant-based (alternative meat) segments. 

On the other hand, commodities-linked tuna and coconut exports slipped 4 percent during the past year. CNPF said supply chain challenges and elevated commodity costs were partly to blame for the slowdown. 

CNPF expects better results in 2024 with revenues and profits expected to grow in the “low double-digit territory”, said company chief financial officer Chad Manapat.