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Manila Bulletin devider Business devider The Stock Market devider Po family's CNPF generates P3.2-B net income

Po family's CNPF generates P3.2-B net income

Published Aug 9, 2023 08:24 am

The Po family’s Century Pacific Food, Inc. (CNPF), one of the leading branded food and beverage manufacturers in the Philippines, reported an 8 percent improvement in consolidated net income to 3.2 billion in the first half of 2023.

In a disclosure to the Philippine Stock Exchange, the firm said consolidated revenues for the period also grew 8 percent to P33.4 billion, with the Branded segment improving by 11 percent versus the same period last year.

CNPF Century_Pacific_Food_logo.jpg

Earnings edged up in the second quarter of 2023 driven by the outperformance of the branded segment. Profits for the quarter posted a double-digit year-on-year growth rate of 10 percent, leading to a resilient first half performance for CNPF.

Consolidated revenues for the second quarter were up by 9 percent year-on-year, with the Branded business growing by 15 percent compared to the second quarter of 2022. 

The Branded business, which comprised the majority of CNPF’s topline, is composed of Marine, Meat, Milk, and other Emerging segments, catering predominantly to the domestic Philippine market. 

Sequentially, the segment’s second quarter 2023 sales were up by 12 percent versus the previous quarter due to supply chain improvements in Marine and the sustained resilience in domestic demand.

On the other hand, CNPF’s OEM Tuna and Coconut Exports business, given a high second quarter 2022 base and softer markets, saw a 7.1 percent decline in sales in the first half compared to the same period last year. 

Nonetheless, amidst continuing operating uncertainties, the segment saw a quarter-on-quarter growth of 21.2 percent with the easing of logistical challenges in specific areas of the business.

In terms of profitability, the Company began to see an uptick in its second quarter 2023 gross margin, which landed at 24.4percent, improving by 80 bps versus the first quarter of 2023 as commodities trended downward and with the depletion of higher cost inventory carried over from the year before. 

CNPF closed the first half with a gross margin of 24.0 percent, contracting by 110bps versus the first half of 2022 due to higher input costs, as expected.
 

 

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