Century Pacific Foods Inc. (CNPF), one of the leading food companies in the Philippines, reported growth for all its product lines, except for tuna exports, as easing inflation boosts consumer confidence.
According to Unicapital Securities Research Analyst Jeri R. Alfonso, the company shared a sneak peek at its first quarter 2025 performance and explained that the elevated tuna spot prices weighed down tuna OEM (original equipment manufacturer or products that bear the customer’s brand).
Meanwhile, marine and meat segments recorded double-digit growth in the first quarter of 2025.
“Overall, this suggests household consumption picking up as inflation cools down. Additionally, incremental demand may be partly attributed to election-related expenditures as the May senatorial elections draw near,” she noted.
CNPF said earlier that it is cautiously optimistic about its prospects this year based on its performance in the first quarter and in 2024.
“We’re already seeing signs of a better consumer environment as we enter 2025. So far, our first quarter has gone as planned,” said CNPF Chief Financial Officer Richard S. Manapat said.
He noted that, “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. 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.”
CNPF reported a 14 percent growth in unaudited net profit to ₱6.3 billion last year from ₱5.6 billion in 2023 on the back of strong growth in tuna and coconut water exports.
The firm said its consolidated revenues improved 12 percent to ₱75.5 billion in 2024 from ₱67.1 billion in 2023 due to the healthy performance of the group’s diverse portfolio.
CNPF said its sales growth was broad-based, with both its OEM Exports and Branded segment delivering positive performance. OEM Exports – comprised of both Tuna and Coconut export businesses – propelled CNPF’s topline growth, with revenues surging 36 percent year-on-year (YoY).
The commodity-linked segment benefited from a low base, favorable input costs, and robust global demand for healthy and nutritious products.
Meanwhile, in the face of a soft consumer environment, CNPF’s Branded segment saw 2024 revenues rise by seven percent YoY. The segment accelerated in the fourth quarter, up by 10 percent compared to the same period last year.
Branded, which accounts for the majority of the Company’s sales, is composed of Marine, Meat, Milk, and other emerging verticals.
The segment’s performance was underpinned by volume-led growth, supported by a vast portfolio of brands across multiple price tiers and a strong focus on brand-building campaigns and promotional efforts.