CIC earnings nearly triple in Q4
CONCEPCION industrial Corp. (CIC), a company known for its refrigerators and air conditioners, said it had almost tripled its income to P177.9 million in the fourth quarter of 2023 due to better margins and “solid sales performance.”
The company said it delivered consistent quarterly growth, with net sales for the fourth quarter reaching P3.8 billion, a 9-percent increase from the previous year, on growth in the commercial segment.
Including its associate Concepcion midea inc., the group posted P4.7 billion in net sales, increasing its sales growth rate to 14 percent.
The company said it had P667.3 million in consolidated earnings for the entire year, an 86-percent growth from P358.06 million in the previous year.
Net sales, meanwhile, reached P14.7 billion, an 11 percent growth from the previous year’s P13.17 billion.
including Concepcion-midea, the group’s net sales expanded by 15 percent to P18.2 billion.
“As we reflect on our achievements in 2023, we look ahead with optimism, ready to welcome opportunities and face the challenges of 2024,” raul Joseph Concepcion, the company’s chairman and president, said.
He said the company is well positioned to capitalize on emerging opportunities.
“Our commitment to innovation, customer satisfaction and operational excellence remains firm. We continue to embark on a promising journey, confident in our ability to drive growth and deliver value to our stakeholders.”
The commercial business generated P1.4 billion in net sales during the quarter, a 33 percent growth compared to last year. The increase was attributable to HVAC equipment sales driven by distribution expansion efforts as well as the timely arrival of elevator equipment and significant progress in both air conditioning and elevator projects.
The company’s consumer business contributed P2.4 billion in net sales, a slight decline of 1 percent from the previous year.
The decrease was due to lower demand for window room air conditioners and direct cool refrigerators. This was mitigated by growth in no frost refrigerators and laundry products.