Century Pacific Food (CNPF) Q4 2024 earnings summary

Executive summary

• Revenue grew 12.5% year-over-year to PHP 75.49B in FY24, with net income up 14% to PHP 6.34B, driven by both branded and OEM segments.

• EPS increased 14% to PHP 1.79, and gross profit margin improved, with all major business segments contributing to growth.

• Consistent topline and bottomline growth supported by a diversified portfolio and reinvestment in brand-building.

• Acquisition of Coco Harvest Inc. for PHP 880.1M expanded the coconut business.

• Maintained strong liquidity and capital structure, with a current ratio of 2.47x and debt-to-equity ratio of 0.54x.

Financial highlights

• Branded revenue grew 7% year-over-year to PHP 59.3B; OEM revenue surged 36% to PHP 16.2B.

• Gross margin improved by 210bps to 26.1% in FY24, reflecting favorable input costs.

• EBITDA increased 10% to PHP 9.6B, tracking topline growth.

• Earnings per share: Basic PHP 1.7892, Diluted PHP 1.7871.

• Total assets reached PHP 55.24B; total equity at PHP 35.81B as of December 31, 2024.

Outlook and guidance

• 2025 outlook projects low to mid-teens growth for both revenue and net income.

• Capex guidance for 2025 set at PHP 3-4B, with continued focus on portfolio diversification and innovation.

• Margin pressures expected to be offset by strategic opex spending.

• Management expects continued growth, leveraging expanded coconut operations and ongoing capital projects.

• Sufficient liquidity and undrawn credit lines support future working capital and expansion needs.