CNPF hikes spending to support expansion

Century Pacific Food Inc. (CNPF), the listed food and beverage firm of the Po family, is hiking its capital spending this year to fund capacity expansion projects to support the company’s double-digit growth target for the year.

- RICHMOND MERCURIO

CNPF president and CEO Teodoro Po said the company has earmarked a capital expenditures budget of around P4 billion to P5 billion for 2024, higher than last year’s P3.5 billion.

Po said about half of the amount would be used to increase the company’s coconut processing capacity.

“We are in the mid-stages of completing our expansion of our coconut processing capacity because we’ve been getting more and more demand from our principals in the US and in Southeast Asia. This latest capex will roughly increase our capacity by about 25 percent. But this is just the first stage of the expansion and if market trends continue, we expect that we will basically end up in five or seven years from now we expect to be double of our current capacity, which is pretty significant,” he said in a briefing yesterday.