MANILA – Food canning giant Century Pacific Food Inc. (CNPF) expects to sustain doubling the size of its business over the next five years even amid the coronavirus disease (Covid-19) pandemic that increased demand of its food products.
“We look forward to once again doubling our business over the next five years sustaining growth of 10 to 15 percent compounded annually in both our top and bottom line,” CNPF president Christopher Po said during the company’s virtual stockholders’ meeting on Tuesday.
Po said the company’s net income expanded from PHP1.6 billion in 2014 to PHP3.1 billion in 2019, posting a compounded annual growth rate of 15 percent in five years.
He said marine and meat businesses have already higher market shares while more new product developments are coming in the next few years.
“We expect to achieve high-teens growth in 2020,” he added. “In good times, we are aiming to consistently grow two times of GDP (gross domestic product). But during more challenging periods, we can even outperform due to the nature of our products.”
Po cited the 40 to 50-percent increase in sales in March following the enhanced community quarantine (ECQ) in Luzon and subsequently in different parts of the country, as compared to its January to February average.
“Several months now into pandemic, we are still seeing heightened demand for our products. Once consumer demand normalizes, we will still be working overtime spending the following few months replenishing thin and depleted trade inventory levels. With these tailwinds, we anticipate ending the year surpassing our typical target of 10 to 15-percent growth,” he added.
Po is optimistic the company is well positioned to benefit from emerging consumer trends as a result of the lockdown due Covid-19 and the effects of the pandemic.
He said such trends include cooking at home and value for money, while plans to utilize digital channels have now been accelerated as a result of the pandemic lockdown.
“While there is much uncertainty about the current economic situation and how this will affect consumer demand, we are hopeful about the prospects for the year,” he added. (PNA)
Photo Credit: Philippine News Agency