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Manila Bulletin devider Business devider The Stock Market devider Concepcion Industrial doubles profit in first half

Concepcion Industrial doubles profit in first half

Published Jul 28, 2024 09:43 pm

Concepcion Industrial Corporation (CIC), the country's leading provider of consumer lifestyle and enterprise solutions, reported that its consolidated earnings doubled to P726.7 million in the first half of 2024 due to higher revenues and margins.

In a disclosure to the Philippine Stock Exchange, the firm said it generated P9.8 billion in net sales for the first half of the year, a 36 percent growth from the same period of 2023. 

Including its associate Concepcion Midea, Inc., net sales grew 41 percent to P12.7 billion. 

“This year has been a testament to the principle that ‘opportunity meets preparation’ and, together, we have seized that opportunity with outstanding results,” said CIC President and CEO Ariel Fermin.

He noted that, "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."

CIC concluded the second quarter of 2024 with consolidated earnings of P541 million, marking a two-fold increase compared to the previous year. 

This growth was driven by well-executed sales strategies, enhanced customer engagement, and strong market demand fueled by hot weather conditions.

"CIC achieved a significant milestone in the second quarter. We have surpassed our pre-pandemic performance and set new record for sales and earnings.

“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," said CIC Chief Finance and Operating Officer Rajan Komarasu.

CIC reported net sales of P6.0 billion in the second quarter of 2024, a 37 percent increase compared to the same period last year. Including CMI, the group reached P7.7 billion in net sales with a growth of 46 percent.

The Consumer Business division recorded P4.6 billion in net sales, a 42 percent year-on-year increase, driven by growth across all product categories. 

Air conditioning product sales rose 43 percent due to increased demand during the hot summer, while refrigeration product sales grew by 44 percent, fueled by strong demand for light commercial products and no-frost refrigerators. 

Laundry product sales recovered in the second quarter, posting a 49 percent increase compared to last year.

The Commercial business achieved sales of Php1.4 billion, marking a 25 percent growth compared to the previous year. This was primarily due to higher sales of HVAC equipment driven by effective channel and distribution strategies, along with the timely delivery of elevator equipment and project advancements.
 

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Concepcion Industrial Corporation Ariel Fermin Rajan Komarasu
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