Concepcion Industrial unaudited net doubles

CONCEPCION Industrial Corp.’s fourthquarter 2022 net income doubled to P60 million against the P30 million recorded during the same period in 2021.

This was mainly driven by foreign exchange recovery from a stronger peso and its P3.5-billion net sales for the fourth quarter of 2022, up 8 percent from its P3.2-billion figure during the same period last year.

The sales growth for the quarter was attributed to a stronger demand in the commercial and aftermarket businesses, which was partly offset by a 1-percent decline in the consumer business due to weaker demand resulting from rising inflation.

CIC delivered an “unaudited” full-year net sales growth of 7.85 percent with a figure of P13.2 billion in 2022 from P12.24 billion in 2021.

However, the company’s “unaudited” full-year net income for 2022 settled at P358 million, a decline of 5 percent from P378 million in 2021.

According to the firm, the strong fourth-quarter results were not enough to recover the weak sellout in the first quarter due to Omicron-related restrictions, coupled with higher commodity and logistics costs, and unfavorable foreign exchange due to weak peso performance in most part of the year.

“We felt the enduring effect of the pandemic and the economic impact on supply and demand in 2022. However, we have continuously made refinements in our processes throughout the course of these challenges, with the utmost goal of protecting the longterm prospects of the business,” Raul Joseph Concepcion, CIC chairman and chief executive officer, said. “We remain optimistic into the future and we are constantly preparing the organization to be well-positioned to seize the opportunities as they present themselves.”