The group recorded net profits of P3.9 billion (20020) of CENTURY Pacific Food, Inc. (CNPF), which rose by 24% annually, while its marketed market division created further sales.
In a regulatory file on Wednesday, the reported food producer revealed that its combined revenues in 2020 increased by 19 per cent to P48.3 billion in 2010, a growth of 25 per cent in turnover.
CNPF also said that 81 percent of the company’s overall topline last year comprising packaged goods that include marine, meat and milk units.
The company’s remaining 19% to 2020 came from its commodities-connected export market OEM, which saw a 1% fall annually as a result of lower commodities rates, changes in capability and domestic requirements and a stronger Philippine peso.
Christopher T. Po, CNPF’s CEO, stated that in 2020, amid the coronavirus disease 2019 (COVID-19) pandemic, the organization saw high demand for their branded goods.
“In the middle of the uncertainty of 2020, our status has encouraged us to concentrate mainly on the future. It has helped us to enhance our digital skills and capacities through our value chain.
“We look forward to bringing this to market over the next 12 to 18 months, as we continue our goal of supplying the Philippines with affordable meals,” he said.
Over the past two years Coco Mama Fresh Gata, the first company in the cocoon brand, Birch Tree Adult Strengths with its milk brand and unMeat, also introduced new items. It has also been announcing its entrance into the plant products.
ACQUISITION PACIFIC MEAT FOR P650M
In a separate disclosure, CNPF reported that it has purchased 100% of its member business Century Pacific Group, Inc. from Pacific Meat Co. Inc. (PMCI) in an offer to join the cooling food market.
It revealed that the emerging categories of the business would involve cooled foods after their purchase of PMCI, which is an important player in the broad categories of cooled food.
“The total valuation of 100% of PMCI amounts to P650 million, less than the book value of PMCI and revenue of 2020. The disclosure also states that CNPF will acquire P275 million in inventory value.”
CNPF has stated that PMCI is to be acquired because PMCI has its own production facilities, local delivery of the cold chain and a large cooler pipeline for growth.
Mr. Po says CNPF sees the refrigerated food category as another growth factor, adding that PMCI would expand the capability of the group in a new food industry segment.
“We look into cooled food as another growth vehicle and look forward to the launch of PMCI, because now it has reached a size and established a pipeline of new products that complements CNPF. It will have capacity in an entirely different food sector, which grows and will synergize with our portfolio’s secure portion,” Mr Po said.
“Furthermore, as a consequence of this transaction, all the Po families of consumer good enterprises would become CNPFs, removing external conflicts of interest streams and strengthening our overall corporate governance,” he said.
In a separate regulatory document, CNPF also reported that the company’s cash dividend, at 36 centavos per share, was authorised by its Management Board this year.