First Pacific Co Ltd
XMUN:FPC
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First Pacific Co Ltd
First Pacific is an investment holding company that owns and manages a small group of operating businesses in Asia. Its best-known assets are in food, telecommunications, and infrastructure. In food, it is tied to brands and factories that make packaged noodles, flour, cooking oil, and other everyday staples. In telecom and infrastructure, it owns stakes in businesses that provide phone, data, and related network services, as well as transport and utility assets. The company makes money in two main ways: by earning operating profit from the businesses it controls or partly owns, and by receiving dividends and other returns from its investments. Its customers are ordinary households and small businesses that buy food products, as well as mobile and network users who pay for communication services. In the infrastructure side, the customers are often governments, utilities, and large users that depend on long-lived assets such as toll roads, ports, or power-related services. What makes First Pacific different is that it is not a single-product company. It acts more like a regional owner of essential businesses that sit close to daily life and basic economic activity. That gives it a role as a long-term capital partner, combining consumer brands with controlled stakes in infrastructure and communications assets that tend to produce steady cash flow rather than rely on fashion or one-off sales.
First Pacific is an investment holding company that owns and manages a small group of operating businesses in Asia. Its best-known assets are in food, telecommunications, and infrastructure. In food, it is tied to brands and factories that make packaged noodles, flour, cooking oil, and other everyday staples. In telecom and infrastructure, it owns stakes in businesses that provide phone, data, and related network services, as well as transport and utility assets.
The company makes money in two main ways: by earning operating profit from the businesses it controls or partly owns, and by receiving dividends and other returns from its investments. Its customers are ordinary households and small businesses that buy food products, as well as mobile and network users who pay for communication services. In the infrastructure side, the customers are often governments, utilities, and large users that depend on long-lived assets such as toll roads, ports, or power-related services.
What makes First Pacific different is that it is not a single-product company. It acts more like a regional owner of essential businesses that sit close to daily life and basic economic activity. That gives it a role as a long-term capital partner, combining consumer brands with controlled stakes in infrastructure and communications assets that tend to produce steady cash flow rather than rely on fashion or one-off sales.
Profit: First Pacific’s recurring profit fell 1% year on year but was still its second-highest ever, despite weaker rupiah and peso exchange rates.
Operating companies: Indofood, Meralco, Maynilad and toll roads delivered record results, while PLDT reported record service revenue and EBITDA and positive free cash flow.
Outlook: ICBP expects full-year sales growth of as much as 7% and an EBIT margin of 20% to 22%; MPIC and PLDT are also expected to reach record full-year core profit or operating results.
Balance sheet: S&P upgraded First Pacific to BBB with a stable outlook. The company plans to refinance its $350 million bond maturing in September 2027, but has not decided between bond and bank financing.
Growth investments: PacificLight’s new hydrogen-ready power plant is under construction and targeted for commercial operation around the first or second quarter of 2029; Silangan is on track to begin commercial mining toward the end of 2026.
Headwinds: PacificLight’s core profit fell 26% because of lower nonfuel margins, while First Pacific’s results were affected by currency weakness and Philex’s Padcal mine experienced lower production volumes.
Capital returns: First Pacific kept its interim distribution unchanged at HKD 0.03 per share, representing a yield of around 5.4%.
