CIC reports net earnings in 2017

Concepcion Industrial Corporation, the country’s leading provider of consumer lifestyle and building industrial solutions, reported an 8 percent increase in Profit After Tax After Minority Interest (PATAMI) to R980 million last year.

In a disclosure to the Philippine Stock Exchange, the firm said unaudited results also showed a 12 percemt increase in Sales in 2017 to R13.9 billion.

The last three months of 2017 showed strong top-line results with a 15 percent growth in sales while PATAMI growth of 3 percent reflect the impact of higher commodity prices and fluctuating foreign exchange mitigated by relentless focus on costs as well as operational efficiencies.

“Our performance reflects continued strong demand brought about by consistently strong economic fundamentals, rising income levels and strong private sector confidence in the economy,” said CIC CEO and Chairman Raul Joseph A. Concepcion.

He added that “CIC continues to invest in capabilities in its production facilities to serve growing consumer demand as well as improving efficient processes within the organization. These are key foundations for further expansion into the future.”

Concepcion said “CIC continues to expand into more consumer appliances categories with over 1 million appliances sold in 2017. In our commercial segments, we continue to grow our order book in support of new development across the country.”

“Our profitability expanded at 8 percent for unaudited full year 2017 in an environment of margin pressure. The situation of rising commodity prices and currencies is a short-term challenge we will have to overcome through solid operating performance and execution,” said CIC Chief Finance Officer Victoria A. Betita.