PHILIPPINES May 2020
 
Century saw 31% jump in Q1 profit due to the pandemic
 
Century Pacific Food Inc. one of Philippines’ largest food companies, saw its 1st quarter net income rise 31% to Pesos 1.4 billion (US$27.6 million) compared to a year ago, and this is attributed to strong demand for canned food amidst the quarantine (lockdown) period in the country.
Century Pacific disclosed that its 1st quarter consolidated revenues also jumped 24% to Pesos 12.1 billion (US$239 million).
Sales of its branded businesses that include marine (seafood), meat and milk were up 31% to Pesos 10.1 billion (US$200 million), accounting for 83% of its total revenue.
Century said that growth can be seen across all its business units as majority of the company’s products are shelf-stable and consumed at home.
Century Pacific Chief Financial Officer Oscar Pobre said, “During these challenging times, we recognise the importance of making our products as accessible as possible nationwide. Amidst logistical and operational challenges, we are able to run our factories and supply chain round the clock, thanks in part to the DTI and the Inter Agency Task Force, as well as the agility and resourcefulness of our own team.”
Pobre added that the future is uncertain however, the company will continue to emphasise on its employees’ welfare while product availability will remain one of its top most priority while enhancing its logistic capabilities in the near future.
 
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