Century Tuna maker posts 9% increase in net income for H1 2019
MANILA, Philippines – Century Pacific Food, Incorporated saw its net income grow by 9% to P1.71 billion in the 1st half of 2019, amid continued strong demand for its core branded products and new milk line.
In a regulatory filing with the Philippine Stock Exchange on Wednesday, July 31, Century Pacific also reported a 9% year-on-year growth in its 2nd quarter net income to P917 million.
Consolidated revenues grew by 6% to P19.7 billion from January to June 2019. This was driven by the company's branded businesses, which grew by 12% year-on-year to P15.3 billion, or 78% of the topline.
In the 2nd quarter alone, gross revenues totaled P9.87 billion, a 0.60% increase from the same period in 2018.
Aside from the company's marine and meat products, Century Pacific also noted a strong take-up for its milk products, which took 22% of total sales as of the end of June 2019.
Higher demand in branded businesses as well as lower operating expenses and softer input prices helped offset the decline in sales from original equipment manufacturer exports which was due to the drop in prices for tuna and coconut.
Century Pacific ended the 1st half of 2019 with a 15% year-on-year increase in its earnings before interest, tax, depreciation, and amortization (EBITDA).
Despite the single-digit growth, Century Pacific chief finance officer Oscar Pobre said they continue to maintain their double-digit growth target for 2019, by investing in "emerging categories and new innovations."
"At the same time, we will maintain efforts to measure environmental, social, and governance metrics, eventually setting relevant goals beyond just the usual financial targets," he added.
"Over the long run, these initiatives will allow us to pursue growth more sustainably and better take advantage of the long-term trend of rising Philippine incomes." – Rappler.com