Century Pacific Food Inc. (CNPF), the Po family’s food and beverage business, said its earnings improved by 14 percent to P3.6 billion in the first half of 2024 from P3.2 billion in the same period last year as commodity costs eased.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said consolidated revenues for the six-month period amounted to P37.7 billion, a 13 percent growth rate from P33.4 billion a year ago.

CNPF said the increase was primarily fueled by the continued recovery of its OEM Exports Segment and the sustained growth performance of the Branded Segment.

The bulk of CNPF’s revenues come from the branded business, which is composed of marine, meat, milk, and other segments and caters predominantly to the domestic market. 

Meanwhile, CNPF’s commodity-linked OEM exports segment, which includes both tuna and coconut exports, comprises approximately a fifth of the group’s business.

During the second quarter of 2024, CNPF’s consolidated sales rose by 10 percent to P19.5 billion from P17.8 billion in the same period last year. 

On a sequential basis, the business improved by eight percent from the first quarter, with both branded and OEM exports registering quarter-on-quarter growth of seven percent and 10 percent, respectively.

OEM export sales jumped by 36 percent versus the second quarter of 2023, bringing the segment’s six-month growth rate to 42 percent year-on-year. 

Coming from a soft 2023, the segment rebounded in the first half of 2024 on the back of improving commodity costs and favorable forex. 

Following a high base, branded delivered a five percent growth rate during the three-month period amid a strained consumer environment, laddering up to a seven percent year-on-year increase in first half of 2024 sales versus the same period last year.