Metro Manila (CNN Philippines, April 6) — Century Pacific Food Inc. (CNPF) on Wednesday reported higher earnings of ₱4.7 billion in 2021, mainly driven by an annual increase in revenues, coupled with tax perks.
The listed manufacturer – known for canned good brands Century Tuna and Argentina, along with milk brand Angel – said its net income is higher by 20% year-on-year. Its revenues alone rose by 13% to ₱54.7 billion during the stretch.
“The Company’s back-to-back performance was primarily driven by the robust sales of CNPF’s Tuna and Coconut OEM (original equipment manufacturing) exports business and the strong performance of the Branded segment, composed of Marine, Meat, Milk and other emerging businesses, despite the high base from the year before,” CNPF said in a statement.
OEM exports jumped 29% annually amid the reopening of the global economy, and what CNPF referred to as higher demand for healthier products. The Branded segment, meanwhile, posted a 10% year-on-year increase.
CNPF chief finance officer Chad Manapat welcomed the latest figures, noting that the company was able to keep its “strong growth momentum” last year.
“Apart from the healthy operational performance, the Company has likewise benefitted from favorable tax rates due to the implementation of the Corporate Recovery and Tax Incentives for Enterprises Act, allowing us to reinvest in growth and sustainability programs,” he added.
To recall, CNPF announced its acquisition of famous sardine brand Ligo last December – a transaction expected to close in the first semester of 2022.
Shares of CNPF inched down by 0.21% to ₱24 apiece on Wednesday.
