Century Pacific Food Inc. (CNPF) has realized a net income P5.6 billion last year, up 12 percent from P5 billion in 2022, adding that it expects to get "low double-digit" growth in 2024.

CNPF’s consolidated sales went up by 8 percent year-on-year to P67.1 billion due to increased contributions from its branded segment, the company told the Philippine Stock Exchange.

CNPF Chief Financial Officer Chad Manapat said in a statement that the company managed to posted "consistent and profitable growth" despite a volatile business environment in 2023.

"We attribute this to the all-weather nature of our business model, diversified portfolio, and prudent usage of our resources," he said, adding that “last year's results would help them reinvest in growth and sustainability."

"We plan to reinvest gains from improving commodities into growth and expansion as we continue to focus on affordability and providing better, healthier food options to Filipino consumers," Manapat said.

Revenues of CNPF’s branded business, which includes marine, meat, milk, and other emerging segments, went up by 11 percent and contributed to the bulk of the group's sales.

On the other hand, the commodity-linked OEM tuna and coconut exports segment was dropped by 4 percent year-on-year, attributable to supply chain disruptions and higher commodity costs.

"Our primary focus is on delivering affordable nutrition through our vast assortment of brands and products spanning multiple price tiers — our way of providing value to our consumers in both good and challenging times," Manapat said.