Century Pacific Food Inc. said over the weekend it budgeted P2 billion in capital expenditures this year to expand production.
CNPF executive vice president Gregory Banzon said in an interview the company would maintain its capital spending of P2 billion, the same level in 2020, to expand production and meet growing demand.
Banzon said the company was expecting revenues to grow by low double-digits in 2021, slower than the 2020 level, on high base effect following robust sales last year with the implementation of the community quarantine that encouraged consumers to canned food products.
CNPF, however, expects significant growth in sales overseas, especially in Russia, the Middle East, Africa, China, Europe and Singapore.
It said the export business was expected to account for 26 percent of total revenues this year.
Century Pacific has presence in 80 countries, with 85 distributors, 14 tollers including six major toll packers in the US, Europe, Brazil and the Middle East. It operates five major plants and holds offices in the US, China and Vietnam. It has also four warehouses.
The company said there were also growth opportunities in the domestic market, particular with the introduction of UnMeat products”•a vegan meat alternative.
Banzon said the group was preparing to launch new products under the UnMeat brand in the next few months.
CNPF is only selling the products to institutional customers including sister company Shakey’s Pizza Asia Ventures Inc.,
CNPF said unMeat serves as a healthy meat alternative made with non-GMO plant-based ingredients and zero cholesterol and trans-fat, while remaining a good source of protein and fiber.
It maintains the taste of real meat, becoming a viable food option, not only for vegans and vegetarians, but also for meat lovers.
The company said that as more Filipinos sought healthier lifestyles, the demand for unMeat products would increase.
The company last year opened its third plant in General Santos City which created jobs for 1,600 Filipinos during the pandemic.
Marine products account for 30 percent of the group’s revenues, followed by meat (24 percent), milk (23 percent), coconut and original equipment manufacturing (23 percent).