CNPF posts twin-digit growth in H1
CENTURY Pacific Food Inc. (CNPF) posted a sustained growth of 15 percent for the first six months of 2022 against the same period in 2021.
Consolidated revenues reached P31.1 billion and was driven primarily by the robust performance of the branded business segment, which saw a year-on-year 18-percent increase. CNPF’s branded business is composed of marine, meat, milk and other emerging product segments such as its newly introduced unMeat line of plant-based meat substitutes.
“The environment has been tough for the milk category, but we’re grateful that our efforts translated to a year-on-year revenue growth of 23 percent in the first half. Birch Tree’s market share increased from 22 percent to 24 percent during this time,” CNPF vice president and general manager of Milk division, Pyrus de la Cruz, said.
CNPF’s tuna and coconut private label export sales rebounded as the first half drew to a close, growing by 6 percent year on year on the back of favorable commodity prices, foreign exchange gains and the easing of supply chain pressures.
In terms of profitability, the company’s gross margins held at 25.1 percent, expanding by 20 basis points in the first half. Operating expenses as a percentage of sales was at 14 percent in the first half of 2022, increasing by 100 basis points due to higher logistics costs, continuous investment in recently launched innovations, support for demand amid rising input prices and brand building activities.
Ebitda (earnings before interest, taxes, depreciation and amortization) was at P4.4 billion, up by 12 percent in the first six months of 2022 versus the same period last year. Overall, CNPF registered a net profit of P3 billion, growing by 9 percent versus the same period last year, while net margins stood at 9.5 percent.
“We are grateful for the continued upbeat business results despite turbulent operating conditions,” CNPF Executive Chairman Christopher Po said. “Entering the second half of the year, we are seeing some respite as cost pressures begin to ease for some inputs like tuna, packaging and freight. That said, we remain cautiously optimistic and will continue to closely monitor the situation on the ground.”