Concepcion Industrial posts higher Q3 profit

Concepcion Industrial Corporation, the country’s leading Consumer Appliances and Building & Industrial Services provider, registered a 12 percent growth in attributable net income to R182 million in the third quarter of the year.

In a disclosure to the Philippine Stock Exchange, the firm said the higher third quarter profit is driven by its stronger sales.

Net sales for the quarter grew by 19 percent over the same period last year ending at R3.2 billion, driven by strong consumer demand.

“We had expected a challenging environment going into the second half of 2017 with heightened commodity prices and uncertain FX (foreign exchange),” said CIC Chairman Raul Joseph A. Concepcion.

However, he noted that, “our focus on frontline and operational execution, both of which drove sales and market share while maintaining cost efficiency and discipline in the organization.”

Attributable net income continues to show strong momentum at R752 million with 9 percent growth, year-on- year, for the nine months ending September 30, 2017.

This result was on the back of 11 percent sales growth to R10.4 billion during the same period.

Last April, 2017, CIC announced a regular dividend of R1.00 per share, 37 percent of prior year’s net income and this was paid last May 16, 2017.

A special 20 percent stock dividend was declared and paid out on August 3, 2017 following shareholder approval last June 7, 2017. (JAL)