CNPF profit rise 10% in Q1

In a disclosure to the Philippine Stock Exchange, the firm said the growth was mainly due to the outperformance of its Branded segment, which contributed 82 percent to CNPF’s topline.The sales of the Branded segment, which is composed of Marine, Meat, Milk and other emerging businesses, clocked in a growth of 17 percent year-on-year as domestic demand for affordable and shelf-stable consumer goods remained resilient for the quarter.

He added that, “Consumers are feeling the impact of rising commodity prices but, compared to the height of the pandemic, have more disposable income. They continue to gravitate toward essential goods and value for money brands, underpinning the demand for Century products.” In terms of profitability, CNPF saw gross margins contract by 30bps to 25.9 percent due to the global rise in commodity prices but operating expenses as a percentage of sales declined by 90bps.

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