MANILA, Philippines — Hot weather conditions experienced in the country in the past months have catapulted Concepcion Industrial Corp. (CIC) earnings during the first half.
The listed consumer lifestyle and enterprise solutions provider said its consolidated earnings doubled to P726.7 million in the first semester, driven by revenue growth and higher margins.
CIC generated P9.8 billion in net sales for the six-month period, surging by 36 percent year-on-year.
Including its associate Concepcion Midea Inc., the group said its net sales ballooned by 41 percent to P12.7 billion.
CIC’s earnings for the second quarter alone stood at P541 million as sales reached P6 billion.
“CIC achieved a significant milestone in the second quarter. We have surpassed our pre-pandemic performance and set new record for sales and earnings,” CIC chief finance and operating officer Rajan Komarasu said.
“The hot weather worked in our favor, allowing us to solidify our market position and demonstrate the effectiveness of our strategies, delivering on our commitments to stakeholders,” he said.
Air conditioning product sales sizzled during the second quarter, growing by 43 percent due to increased demand during the hot summer.
Sales of refrigeration products likewise rose by 44 percent during the quarter due to strong demand for light commercial products and no-frost refrigerators.
“This year has been a testament to the principle that opportunity meets preparation, and together, we have seized that opportunity with outstanding results,” CIC CEO Ariel Fermin said.
“We prepared meticulously, focusing on channel execution, innovation, quality and customer service. We were ready to meet the natural demand for our products. Our dedication to quality and customer service has reinforced our brand’s reputation and solidified our position as an industry leader,” he said.
Meanwhile, CIC has announced that it is further extending its common shares buy-back program from Sept. 9, 2024 to Dec. 31, 2026.
The extension authorizes the company to repurchase up to the balance of P81.695 million of the authorized buy-back amount of P300 million.
The program was initially approved in September 2019 and was scheduled to run until Sept. 9, 2022.
Its extension until Sept. 9, 2024 was previously approved last July 2022.
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