Concepcion Industrial earnings up 86% in 2023
LISTED Concepcion Industrial Corp. (CIC) said its consolidated earnings grew by 86% to P667.3 million last year, led by higher net sales.
The company said in a regulatory filing on Wednesday that its full-year net sales rose 11% to P14.7 billion carried by strong fourth quarter results.
During the fourth quarter, CIC recorded a 195% increase in consolidated earnings to P177.9 million on the back of better margins and solid sales performance.
The company added that its net sales for the October to December period grew by 9% year on year to P3.8 billion due to sales growth in its commercial business. The commercial business was driven by heat, ventilation, and air conditioning (HVAC) equipment sales and progress in both air conditioning and elevator projects.
Net sales of CIC’s consumer business saw a 1% decline to P2.4 billion due to weaker demand for window room air conditioners and direct cool refrigerators.
“CIC has shown time and again our ability to overcome challenges as our resilient business allows us to adapt quickly and pivot when the situation calls for it. As we reflect on our achievements in 2023, we look ahead with opti-mism, ready to welcome opportunities and face the challenges of 2024,” CIC Chairman and Chief Executive Officer Raul Joseph A. Concepcion said.
“CIC is well positioned to capitalize on emerging opportunities, and our commitment to innovation, customer satisfaction, and operational excellence remains firm. We continue to embark on a promising journey, confident in our ability to drive growth and deliver value to our stakeholders,” he added.
Shares of CIC fell by 94 centavos or 6.91% to P12.66 apiece on Wednesday. — Revin Mikhael D. Ochave
