Century Pacific Food Incorporated (CNPF) started 2021 strong, ending the 1st quarter with a net income of P1.3 billion, 24% more than in the same period a year ago.

Consolidated revenues also grew by double digits, at 11% to P12.4 billion, despite coming from a high base in 2020.

CNPF is the producer of canned goods like Century Tuna, Argentina, and 555, among others.

“The essentials and staples nature of our portfolio has largely kept us resilient, and the faster reopening in other countries has benefited our export businesses quite nicely,” said chief finance officer Chad Manapat.

Due to the demand surge, CNPF is expanding its meat facility by 20% and its coconut facility by close to 50%, with further expansions along the way.

“Not only will this support our growth but also create more than 500 quality manufacturing jobs for our countrymen. We are also excited about our potential entry into other new and emerging categories as we continue to manage our pipeline of innovations,” said Manapat. 

CNPF also attributed the increase in profits to the passage of the Corporate Recovery and Tax Incentives for Enterprises or CREATE law, which slashed income taxes to 25% for large corporations.

Operating expenses were up by 20% due to increases in new products and other pandemic-related expenses.

Manapat said the stellar 1st quarter earnings, as well as the tax cuts, may lead the company to exceed its original earnings growth target of 10% to 15% in 2021.

Shares of CNPF went up 1.53% on Wednesday, May 5. – Rappler.com