MANILA, Philippines – Homegrown appliance maker Concepcion Industrial Corp. (CIC) posted a healthy earnings growth in January to September due to strong sales in all business segments.
The supplier of integrated cooling and refrigeration solutions is positioned to ride on the country’s strong economic growth moving forward, the company said in a disclosure.
Net income in the nine-month period climbed 14.7 percent to P607.8 million while net sales jumped 15.4 percent to P5.6 billion.
“Year-on-year profit growth was seen across all segments of the business led by airconditioning and commercial refrigeration,” CIC said.
“The strong performance was driven primarily by an accelerated expansion in the airconditioning part of the business with growth at 21.5-percent year-on-year,” it added.
Last month, the appliance maker debuted in the local bourse as the eighth and last firm to go public this year. CIC raised P1.949 billion through an initial public offering.
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CIC CEO Raul Joseph Concepcion said the country’s leading supplier of integrated and refrigeration solutions in positioned to participate in the Philippines’ economic growth story.
In the nine-month period, the Philippine economy picked up 7.4 percent, above the government’s target of six-to seven-percent growth for the entire year.
“CIC continues to find ways to improve its profitability by focusing on key sales strengths and efficient, world-class business practices,” said CIC CFO Victoria Betita.
Last month, CIC subsidiary Concepcion-Carrier Airconditioning Co. signed a deal with Midea Electric Trading (Singapore) Co., Pte. Ltd., a wholly-owned subsidiary of Singaporean appliance giant Midea Group.
The deal allowed CIC to expand its business to other white consumer goods like ovens, microwaves, cooking ranges, electric fans and washing machines. CIC can now distribution products of original equipment manufacturer Midea Group in the Philippines.
To date, CIC is a leader as it corners 36 percent of the local airconditioner market and 26 percent for refrigerators. Of its business, 72 percent is derived from airconditioners and the remaining 28 percent is accounted for by refrigerators.
