Century Pacific Food aims to double business as it sees booming demand for Canned Food

Major canned food producer in the Philippines, Century Pacific Food Inc. (Century) expects to double the size of its business over the next 5 years amidst the ongoing pandemic which indirectly has also boosted demand for its canned meat and seafood products.
Century’s President Christopher Po said, “We look forward to once again doubling our business over the next 5 years sustaining growth of 10 to 15% compounded annually in both our top and bottom line.”
Po reported that the company’s net income expanded rapidly from Pesos 1.6 billion (US$32.4 million) in 2014 to Pesos 3.1 billion (US$62.8 million) in 2019, with a CAGR growth of 15%. Po said marine and meat businesses have enjoyed higher market shares while more new product developments are coming in the next few years.
During the COVID-19 pandemic period, Century aims for double-digit growth in 2020 in the high-teens. In normal times, Century usually targets growth not more than doubled the country’s GDP, which is lower than current pandemic period performance. Po mentioned that sales jumped by 40-50% in March alone following the enhanced community quarantine (ECQ) in Luzon and subsequently in different parts of the country, as compared to its January to February average.
As a result, Century production sites have to work overtime to replenish fast depleting inventories. With the emerging consumer trends of cooking at home and seeking for convenience food preparation, the demand for canned food will continue to grow in the country. Century’s range of products include canned/packed seafood and meat products like Century Tuna, Argentina, 555, Hunt’s, Wow Ulam, Fresca and Swift, as well as Birch Tree Fortified Milk and Angel Milk.