Century Pacific Food Inc. the country’s largest canned food company, will be part of the MSCI Philippine small cap index.
The maker of Century Tuna, Argentina, Swift, 555 and Birch Tree is joining heavyweights Manila Water, First Gen Holdings Inc. and DoubleDragon Properties Inc. on the highly-tracked index starting May 31.
“We are excited about the prospect of attracting more investors to our story,” said Oscar Pobre, Century Pacific chief finance officer.
Century Pacific was picked by MSCI after a semi-annual review of the index. MSCI is the leading provider of stock market indices and investment decision tools to clients worldwide.
The other new additions to the Philippine small-cap index are Solaire casino operator Bloomberry Resorts Corp. and casual games maker Xurpas Inc.
However, Philippine National Bank and SSI Group Inc. were removed from the small cap index, while Security Bank Corp. advanced to the main basket of the MSCI Philippine index.
“The domestic economy continues to provide growth opportunities for a company like ours and we look forward to growing with our shareholders, as we execute on our business plans and strategies,” according to Century Pacific.
The company reported a net income of P636 million in the first quarter of the year, up 45 percent from P438.6 million a year earlier, on strong domestic demand for its branded products and the financial consolidation of newly acquired Century Pacific Agricultural Ventures Inc.
Revenue was up 22 percent to P6.4 billion from P5.24 billion.
Sales from the three branded businesses ̶ marine, meat, and milk ̶ grew by 15 percent year-on-year and continue to account for 78 percent of the company’s topline.