Century Pacific Food, Inc (CNPF), one of the Philippines’ leading branded food companies, pays its 2021 dividend of Php0.36 a share today, May 6.
The amount declared last March 24 – earlier than usual – translates to a 33% payout of last year’s net income. The absolute amount is similar to 2020’s yet double that of 2019.
“The elevated amount plus its early declaration reflects primarily our confidence in our sustained healthy business performance this coming year,” said Century Pacific’s Chief Financial Officer Chad Manapat.
Century Pacific recently reported a net profit of Php1.3 billion during the three months ending March 2021, 24% higher versus the previous year on the back of a double-digit topline growth and margin improvement year-onyear.
Consolidated revenues continued to grow double-digits – up 11% to Php13.4 billion – despite a high comparable period last year. The Branded business saw demand remain resilient notwithstanding strict lockdown-related demand spikes during the same period last year. Faster reopening in other countries has likewise benefitted the Company’s OEM export businesses.
“Our strong start to the year, combined with profit upsides from the implementation of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law, positions us to meet or, potentially, even exceed our original earnings growth target of 10 to 15% this year,” said Manapat.
The Company’s strong growth during the first quarter comes on the back of already robust performance in 2020 – with revenues and net income up 19% and 23%, respectively.