Concepcion Industrial Corporation, the country’s leading provider of consumer lifestyle and building industrial solutions, reported a 58 percent drop in unaudited net income last year despite higher revenues.

In a disclosure to the Philippine Stock Exchange, the firm said net income fell to P196 million last year from P471 million in 2020. The 2020 profit it 50 percent lower than earnings posted in 2019.

Unaudited full year 2021 net sales improved 14 percent to P12.2 billion in 2021. Including Midea, CIC’s overall sales grew by 17 percent.

The firm said “2021 saw a high volatility in commodity prices, supply chain disruptions and foreign exchange weakness that resulted in margin erosion in many of its core products.”

On a positive note, CIC said the market showed a recovery, with the firm’s sales improving overall despite the lockdowns in the second and third quarters of 2021.

“This impact of cost and lockdowns is expected to ease as the global economy opens up and the recovery from COVID continues,” CIC said.

CIC’s fourth quarter results showed net sales of P3.2 billion, a decline of 1.7 p ercent over same period prior year while net income was at P79 million.

Fourth quarter performance was impacted by softer demand from the VisMin region due to the onslaught of Typhoon Odette, higher commodity prices and weakening peso, partially offset by selling price adjustments.

“Our focus throughout 2021 was to keep the fundamentals strong, as we weather the full impact of the Covid crisis,” said CIC Chairman and CEO Raul Joseph A. Concepcion.

He noted that, “Now that signs of the recovery have started to materialize, we are confident that our strategic investments in our brands and our platforms will enable us to capture the opportunities that present themselves.”

The CIC Board of Directors declared a cash dividend of P1.00 per outstanding share of common stock of the Company payable on April 12, 2022 to holders of record as of March 17, 2022.