Published on January 31, 2024, 12:14 pm

Concepcion Industrial Corp. (CIC) has announced a significant increase in its consolidated earnings for the previous year. According to regulatory filings, CIC’s earnings surged by 86% to reach P667.3 million, primarily driven by higher net sales.

The company reported that its full-year net sales rose by 11% to P14.7 billion, with strong fourth-quarter results contributing significantly to this growth. During the final quarter of the year, CIC recorded an impressive 195% increase in consolidated earnings, reaching P177.9 million. This increase was attributed to improved margins and solid sales performance.

CIC stated that its net sales for the October-December period grew by 9% year-on-year, amounting to P3.8 billion, primarily due to increased sales in its commercial business segment. The growth of the commercial business was fueled by robust sales in heat, ventilation, and air conditioning (HVAC) equipment, as well as significant progress in air conditioning and elevator projects.

On the other hand, CIC’s consumer business experienced a slight decline of 1% in net sales, reaching P2.4 billion. This decrease was primarily attributed to weaker demand for window room air conditioners and direct cool refrigerators.

Raul Joseph A Concepcion, Chairman and Chief Executive Officer of CIC expressed his confidence in the company’s ability to overcome challenges and seize opportunities for growth. He mentioned that CIC is well-positioned to capitalize on emerging prospects and remains committed to innovation, customer satisfaction, and operational excellence.

While CIC celebrates its achievements in 2023, they remain optimistic about the upcoming year – ready to face both opportunities and challenges that lie ahead. Despite experiencing a decline in share prices on Wednesday – falling by 94 centavos or 6.91% to reach P12.66 apiece – their dedication towards driving growth and delivering value to stakeholders remains unwavering.

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