CENTURY Pacific Food, Inc. ($:CNPF), which produces Century Tuna, is doing good business locally and abroad with all its canned tuna brands, and other food items.
In 2020, the company recorded total revenue of P48.3 billion and a net income of P3.88 billion.
In the first quarter of this year, CNPF had total revenue of P13.47 B and net income of P1.28 B.The second quarter was better at total revenue of P13.64 B and net income of P1.43 billion.
But always looking for new growth areas, CNPF recently announced its foray into the growing pet food market.
Says Christopher Po, Century Pacific's executive chairman, "Pet food is one of the fastest growing consumer goods categories in the Philippines and around the world.With long-term trends such as rising incomes as well as demographic trends of people staying single longer or having children later, as well as people spending more time at home due to the pandemic, we see pet ownerships on the rise."
CNPF disclosed to the Philippine Stock Exchange last Wednesday that its new pet food products will be known by the brand Goodest.The initial product is an affordable cat food range.
The forthcoming end of the COVID-19 pandemic will also see the rise in spending by young professionals and office workers, as they resume normal work and better pay.
CNPF is anticipating this as another growth area in consumer goods.It said its cat food range is affordable and was formulated with essential nutrients and minerals and developed to meet the standard set by the Association of American Feed Control Officials.
Aside from developing the pet food category "as a strong and synergistic and accretive business unit," CNPF has been aggressive in expanding into new categories such as dairy and coconut segments during the last five years.
It has just started its plant-based meat alternative product, using the "unMEAT" brand.
In fine, Century Pacific has many things going for it although $:CNPF is undergoing a price correction in the market.
It just slid down and broke its resistance at 26.08 and is finding support in the 25 to 24.40 area.
The stock closed at 25.50 last Wednesday, for a 0.55 increase.
It's time to buy the dip.
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