Concepcion Industrial Q2 income climbed 15% to P355.4M
Concepcion Industrial Corporation (CIC), a leading consumer and industrial solutions provider, grew its attributable net profit by 15 percent to P355.4 million in the second quarter, driven by refrigeration and appliance businesses.
This brought CIC’s first semester net profit to P534.3 million, up 30 percent from the past year, CIC said in its regulatory filing.
“While second quarter presented headwinds from softer retail demand and margins, we remained agile and focused,” said Rajan Komarasu, chief finance and operating officer.
“Strong performance in our refrigeration and appliance lines helped offset challenges in other areas, reaffirming the resilience of our diversified portfolio,” Komarasu added.
For the second quarter alone, consolidated net sales reached P5.2 billion, down from P5.98 billion in the same period last year.
Six-month sales, however, picked up by 3 percent to P10.1 billion.
The earnings growth was largely driven by the strong contribution from its associate, Concepcion Midea, Inc. (CMI), an appliance distributor, the company reported. This is alongside better performance from certain entities.
Including contributions from CMI, total group net sales grew by 10 percent to P14.1 billion.
“Our first-half results underscore the strength of our multisegment platform,” said Ariel Fermin, chief executive officer of CIC.
Market dynamics
“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,” he said.
CIC’s residential and enterprise portfolio includes air conditioning systems, refrigerators, laundry appliances, kitchen and small domestic appliances, as well as elevators and escalators.
With its origins rooted in air conditioning and refrigeration, the company has strategically expanded to become a comprehensive provider of both consumer and commercial solutions, distributing a wide range of products and after-market services across numerous international and Philippine brands such as Carrier, Toshiba, Condura, Otis, Midea, Kelvinator, Shark and Ninja.
