Air-cons, refs lift CIC income in Q1

CONCEPCION Industrial Corp. (CIC), a manufacturer of air-conditioners and refrigerators, said it recorded an income of P185.7 million in the first quarter, almost double from the previous year’s P93.22 million on higher sales volume.

The company said its growth was driven by higher volume, largely attributed to improved retail presence and distribution channels, wider product portfolio and the impact of the prevailing hot weather conditions.

Gross revenues jumped by a third to P3.83 billion from the previous year’s P2.88 billion. “We are pleased that we have exceeded the commitment for the quarter which is a testament to the hard work and dedication of our people, and the effectiveness of our strategies which have been in motion since 2023,” Rajan Komarasu, the company’s CFO, said.

Including its associate Concepcion Midea Inc., the group attained P5 billion in net sales with an increase of 34 percent.

The consumer business recorded P2.8 billion in net sales, a 33-percent year-on-year hike, the company said.

Sales of air-conditioners grew by 30 percent due to improved retail activities, while refrigeration products had an increase of 60 percent from a consistent monthly sales performance, owing to the launch of new models and improved retail presence and distribution.

“Favorability was partly offset by lower laundry sales due to delay in launch of replacement models,” the company said.

The commercial business, meanwhile, achieved P981 million in net sales, representing a 31-percent growth compared to the prior year.

This growth was primarily attributed to increased sales of heating, ventilation and air conditioning equipment, fueled by distribution expansion, and advancements in both air conditioning and elevator projects. The growth in aftermarket services also played a role in the overall increase, the company said.

“We are encouraged with the results of our performance, but we need to remain cautious as we face challenges and opportunities in the coming year,” Ariel Fermin, the company’s CEO, said.