Concepcion Industrial Corp., known for its refrigerators and air-condition appliances, reported income over three quarters in September rising 64 percent to P489.34 million from last year’s P297.72 million, as sales exceeded pre-pandemic levels.
Revenue hit P10.85 billion or 12 percent more than previous of only P9.69 billion.
In the third quarter alone, net income quadrupled to P139.04 million from P34 million. Net sales totaled P3.62 billion, a 22 percent growth from last year’s P2.97 billion on the back of its air conditioning and elevator and escalator products.
Including its associate Concepcion Midea, the group reported P4.5 billion in net sales or growth of 24 percent.
“We have delivered promising third quarter results despite the macroeconomic challenges. This undoubtedly demonstrates the strength of our core business, our brands, and our ability to drive growth through our expanded portfolio, end-to-end customized solutions, and long-term relationships with our customers,” company chairman and CEO Raul Joseph A. Concepcion said.
Consumer business generated P2.3 billion in net sales for the quarter, an increase of 6 percent from last year, the company said.
Air conditioning product sales, which represent 46 percent of the consumer business, grew 19 percent versus last year.
Refrigeration sales were down 8 percent due to lower demand for direct cool refrigerators. No-frost refrigerators sales increased by 25 percent driven by the introduction of new models as the company positioned to play in this fast growing segment.
Other appliance segments posted growth of 27 percent primarily from laundry product sales.
Commercial business delivered a solid performance with sales of P1.3 billion or 63 percent more than last year. The air conditioning business, which accounts for 72 percent of commercial sales, grew 61 percent while sales in the elevator and escalator business increased by 66 percent due to higher project deliveries during the quarter.
