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Century Pacific to spend P2 billion in capex this year.

CANNER Century Pacific Food Inc. said it is setting aside P2 billion as its capital expenditures this year, aimed at starting to double its business in five years through expansion and acquisitions.

'Our outlook is one of cautious optimism, and we are excited to work with our team to implement our business plan,' CNPF Executive Chairman Christopher Po said.

'Our plant accounts for almost one third of the total budget. After five years of double-digit growth, the business now requires us to invest again in a plant that will support the plans of our core business,' Po said.

The new factory in General Santos will be completed by the end of the year and will have a capacity to process about a hundred metric tons of tuna per day.

Po said the company is growing at a 17-percent compounded annual growth rate during the last four years.

'A growing middle class, urbanization, premiumization, and consumer preference for healthier lifestyles are some of the long-term trends that have provided the tailwinds for us to achieve this and will likely continue to do so over the next few years,' he said.

Aside from launch of new products, growth will also come from acquisitions, Po said.

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Publication:Business Mirror (Makati City, Philippines)
Date:Jul 2, 2019
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