Concepcion Industrial Corp. (CIC), the country’s leading provider of consumer lifestyle and enterprise solutions, reported a 57-percent rise in third-quarter earnings to P218.2 million, demonstrating the strength of its operations and improved margins despite modest revenue growth.
“Our results reflect CIC’s resilience and effective execution in a challenging market. Earnings growth significantly outpaced sales, underscoring our operational adaptability,” CIC chief finance and operating officer Rajan Komarasu said.
CIC, along with its associate Concepcion Midea Inc. (CMI), achieved a 12-percent growth, with net sales of P5 billion. CIC delivered consolidated net sales of P3.8 billion, which reflected a 5-percent increase compared to last year.
The consumer segment performed well, particularly in refrigeration and appliance categories, driving a 12-percent increase in consumer net sales.
The commercial segment saw a decline of 8 percent, primarily due to fewer large projects, though partially offset by strong air conditioning equipment sales through the contractor network.
CIC including CMI’s net sales grew 31 percent to P17.7 billion in the first three quarters of 2024. On a reported basis, CIC posted P13.6 billion in net sales, reflecting a 25-percent growth.
Consolidated earnings reached P944.9 million, representing a 93-percent growth owing to higher sales and improved margins.
“Our Q3 results reflect our proactive market strategies and extensive product portfolio. We were able to meet heightened demand for appliances, especially during peak seasons, and provided critical solutions across sectors. As we enter Q4, we are well-prepared for seasonal demand and remain focused on building momentum for the coming year,” CIC chief executive Ariel Fermin said.
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