Century Tuna maker eyes offering more products
MANILA, Philippines – Century Pacific Food, Incorporated, the maker of Century Tuna, is looking to offer new products in a bid to build resiliency, its executive chairman Christopher Po said during a press conference on Monday, July 1.
"What we're trying to do is diversify so that if there is any movement in the commodities, we're not as affected and the business will stay resilient," Po told reporters on the sidelines of the company's annual stockholders' meeting.
To keep their earnings steady, Po said they would need to offer other food segments or even go into mergers and acquisitions. (READ: Po family buys Hunt's license from Gokongweis)
"Any business that is adjacent to our categories, any food category or opportunities we can capitalize on our know-how and expertise in, it's fair game," he added, noting that the company also prioritizes the nutritional value of its products.
Century Pacific, which began with a tuna business in 1978, started to expand in 1995 from marine products to other food segments such as meat, milk, and even coconut-based goods.
In 2018, the company's marine segment took up 32% of its total revenues, followed by meat with 25%. Its milk and tuna business received a 17% share each, while the coconut segment filled the remaining 9%.
Recently, Century Pacific released Argentina Corned Chicken and Birch Tree Fortified Choco as part of its diversification efforts. Po said they will be releasing another product within the quarter.
The company, however, will continue to invest in its legacy tuna business after allotting half of its P2-billion budget for 2019 to build a 100-metric-ton-capacity tuna factory in General Santos City. The facility is expected to be finished by the 4th quarter.
Po said they are expecting to hit double-digit growth in earnings by yearend as easing inflation, the election of new government officials, and infrastructure projects of the government are seen to lead to stronger purchasing power.
Century Pacific has made it a goal to annually grow by 10% to 15% for 10 years since 2014, the same year the company went public. – Rappler.com