Metro Manila (CNN Philippines, March 24) — While many firms have been reporting less earnings in 2020 as their operations take a hit from the COVID-19 pandemic, two companies are singing a different tune.
In a disclosure to the Philippine Stock Exchange Wednesday, Century Pacific Food Inc. (CNPF) announced a net income of ₱3.9 billion—a 24% leap from its 2019 earnings.
“We saw robust demand for our branded products all throughout 2020 – beginning with a strong pre-COVID 19 performance, followed by pandemic-related demand spikes, then sustained growth to wrap up the year due largely to the essentials and staples nature of our portfolio,” said Christopher Po, executive chairman of the company behind canned food brands Century Tuna, Argentina and Swift, along with milk brands Angel and Birch Tree.
CNPF saw its consolidated revenues grow by 19% to ₱48.3 billion because of its branded business, primarily composed of the firm’s marine, meat, and milk business units. Its branded business particularly saw sales go up by 25% during the year, CNPF added.
In a separate disclosure, Puregold Price Club also reported an ₱8.05 billion consolidated net income last year, 19% higher than its earnings in 2019.
The supermarket chain operator said net sales also grew by over 9% to ₱168.8 billion in 2020, with 73% of revenues hailing from the Puregold Stores network, and 27% from S&R Membership warehouse clubs and New York Style Pizza stores.
The Puregold group has 469 stores across the country as of end-2020: 403 Puregold stores, 20 S&R membership shopping warehouse clubs, and 46 S&R New York Style Pizza stores.
“Our company has achieved a record breaking year in 2020 despite a lot of challenges due to the COVID-19 pandemic,” said Puregold chairman Lucio Co, who also expressed the company’s commitment to sustainable growth this year with more store expansions and innovations in grocery retailing.
Meanwhile, CNPF hopes to maintain its growth momentum this 2021, especially with its entry in the refrigerated food industry. It recently acquired Pacific Meat Company, which CNPF says will be part of its emerging categories staring this April.
