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CNPF Chief Financial Officer Richard S. Manapat The Po family’s Century Pacific Food, Inc., one of the leading food companies in the Philippines, is cautiously optimistic about its prospects this year based on how it performed in the first quarter and in 2024.
“We’re already seeing signs of a better consumer environment as we enter 2025. So far, our first quarter has gone as planned,” said CNPF Chief Financial Officer Richard S. Manapat said in a disclosure to the Philippine Stock Exchange.
He noted that, “While that gives us reason to be optimistic, we remain mindful of lingering uncertainties on the cost side and ongoing shifts in the global trading environment. We plan to tread 2025 with caution—remaining agile and responsive to change.
“We believe our diverse and resilient portfolio equips us well to navigate these crosswinds and continue delivering on our aspiration of double-digit growth—while staying true to our purpose of delivering affordable nutrition to the market.”
CNPF reported a 14 percent growth in unaudited net profit to ₱6.3 billion last year from ₱5.6 billion in 2023 on the back of strong growth in tuna and coconut water exports.
The firm said its consolidated revenues improved 12 percent to ₱75.5 billion in 2024 from ₱67.1 billion in 2023 due to the healthy performance of the group’s diverse portfolio.
CNPF said its sales growth was broad-based, with both its Original Equipment Manufacturing (OEM) Exports and Branded segment delivering positive performance.
OEM Exports – comprised of both Tuna and Coconut export businesses – propelled CNPF’s topline growth, with revenues surging 36 percent year-on-year (YoY).
The commodity-linked segment benefited from a low base, favorable input costs, and robust global demand for healthy and nutritious products.
Meanwhile, in the face of a soft consumer environment, CNPF’s Branded segment saw 2024 revenues rise by seven percent YoY. The segment accelerated in the fourth quarter, up by 10 percent compared to the same period last year.
Branded, which accounts for the majority of the Company’s sales, is composed of Marine, Meat, Milk, and other emerging verticals.
The segment’s performance was underpinned by volume-led growth, supported by a vast portfolio of brands across multiple price tiers and a strong focus on brand-building campaigns and promotional efforts.
According to CNPF Chief Financial Officer, Chad Manapat, the group’s sustained double-digit performance can be attributed to its diverse portfolio.
“Our results in 2024 highlight the resilience and balance of our synergistic portfolio. Diversification allowed us to navigate economic headwinds more effectively, with exports benefiting from a favorable commodity cycle and global demand—providing uplift amid a subdued domestic environment,” he noted.
He added that, “We’re especially grateful for the sustained growth we’ve seen, despite continued pressure on Filipino households from inflation. Throughout, we stayed focused on delivering affordable nutrition—ensuring our products remain within reach.
“We also reinvested margin gains into brand-building, innovation, and promotions to support the consumer and stimulate demand.”
CNPF saw gross margins expand by 210 basis points (bps) to 26.1 percent due to improvements in input costs. Gains were reinvested into demand-generating activities and sustainability initiatives.
As a result, earnings before interest, taxes, depreciation, and amortization (EBITDA) and net profit margin remained stable at 12.7 percent and 8.4 percent, respectively.
“We’ve always believed that delivering consistent performance goes hand-in-hand with creating value for all our stakeholders,” said Manapat.
He said that, “From our consumers, customers, and employees to our communities and shareholders—2024 was a year of shared progress. The continued reinvestment in our brands, capabilities, and sustainability efforts is a reflection of our commitment to long-term, inclusive growth.”
