CIC makes a killing with aircons in hot demand
Listed consumer and industrial appliance manufacturer Concepcion Industrial Corp. (CIC) doubled its profits in the first semester to P726.7 million on higher sales, exceeding its prepandemic performance.
In a stock exchange filing last week, CIC, which mainly manufactures air conditioning and refrigeration units, said net sales in the January to June period reached P9.8 billion, a 36-percent growth, due to strong market demand amid the hot weather.
“We have surpassed our prepandemic performance and set a new record for sales and earnings,” said Rajan Komarasu, CIC chief financial and operating officer.
“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,” he added.
In the second quarter alone, earnings at CIC, whose brands include Midea, Toshiba and Carrier, more than doubled to P541 million, while net sales expanded by 37 percent to P6 billion.
The consumer segment contributed P4.6 billion in net sales during the quarter, up by 42 percent.
Air conditioning product sales rose by 43 percent, while refrigeration product sales saw a 44-percent gain.
Laundry product sales increased by 49 percent.
Meanwhile, sales in the commercial business grew by a quarter to P1.4 billion due to higher sales of heating, ventilation and air conditioning equipment.
