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Manila Bulletin devider Business devider The Stock Market devider Concepcion Industrial profits up as strong appliance sales overcome soft retail demand

Concepcion Industrial profits up as strong appliance sales overcome soft retail demand

Published Jul 24, 2025 02:21 pm
Despite softer retail demand, consumer lifestyle and enterprise solutions provider Concepcion Industrial Corp. (CIC) managed to grow earnings by 30 percent in the first half of the year on the back of stronger refrigeration and appliance sales.
In a disclosure to the Philippine Stock Exchange (PSE), CIC said its first-half attributable net income (profit after tax and minority interest) rose to ₱534.3 million, while profit after tax improved to ₱785.6 million, up eight percent compared to the same period last year.
Consolidated net sales were up three percent year-on-year to reach ₱10.1 billion. Including contributions from its associate Concepcion Midea Inc. (CMI), total group net sales grew by 10 percent to ₱14.1 billion.
“Our first-half results underscore the strength of our multi-segment platform. As we navigate evolving market dynamics, we continue to sharpen our execution, invest in innovation, and build long-term value for our customers and shareholders,” said CIC Chief Executive Officer (CEO) Ariel Fermin.
CIC reported a 15-percent rise in attributable net income to ₱355.4 million for the second quarter of 2025, with the growth largely driven by the strong contribution from CMI and better performance from certain entities.
Consolidated second-quarter net sales reached ₱5.2 billion, and profit after tax was ₱498.1 million. Including unconsolidated sales of CMI, net sales totaled ₱7.5 billion.
“While the second quarter presented headwinds from softer retail demand and margins, we remained agile and focused,” said CIC Chief Finance (CFO) and Operating Officer (COO) Rajan Komarasu.
He added that, “Strong performance in our refrigeration and appliance lines helped offset challenges in other areas, reaffirming the resilience of our diversified portfolio.”
While it leads the air-conditioning and refrigerator market, CIC is seeking to grow the revenue share and market of its business-to-business (B2B) and other residential appliances units.
CIC Chairman Raul Joseph A. Concepcion said earlier that increasing focus on the B2B and non-refrigerant businesses will allow them to reduce dependence on the household aircon and refrigerators/freezers business, which is cyclical and weather dependent.
Fermin said “We want to deseasonalize the business because there’s a lot of dependency [on the weather] and it doesn’t have to be that way. So what we have done is to rebuild the B2B part of the business…
“What we see to be propelling our [B2B] businesses would be the move towards hospitality, tourism, wellness... we see that and we ride that wave as well.”
He also noted the ongoing renovations of malls and stores which are now being ramped up by the property and business sectors after being held back during the pandemic.

Related Tags

Concepcion Industrial Corporation Raul Joseph A. Concepcion Ariel P. Fermin Rajan Komarasu
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