Concepcion Industrial Corp., best known for its refrigerators and air conditioning units, reported almost tripling its earnings in the fourth quarter to P177.9 million on the basis of better margins and solid sales performance.
Net sales in the fourth quarter last year total P3.8 billion, a 9 percent increase from prior year. Including its associate Concepcion Midea Inc., the group posted P4.7 billion in net sales or 14 percent more than previous.
It reported consolidated earnings of P667.3 million in 2023, 86 percent more than only P358.06 million the year before.
Full year net sales reached P14.7 billion, an 11 percent growth from previous year’s P13.17 billion. With Concepcion-Midea, the group reported net sales growing 15 percent to P18.2 billion.
“As we reflect on our achievements in 2023, we look ahead with optimism, ready to welcome opportunities and face the challenges of 2024,” Raul Joseph Concepcion, the company’s chairman and president, said.
He said the company is well positioned to capitalize on emerging opportunities.
Its commercial business generated P1.4 billion in net sales during the quarter, a 33 percent growth from last year. The increase was traced to HVAC equipment sales pushed further by distribution expansion efforts and by the timely arrival of elevator equipment and significant progress in both air conditioning and elevator projects.
The company’s consumer business contributed P2.4 billion in net sales, a slight 1 percent decline from prior year. This was traced to lower demand for window air conditioners and direct cool refrigerators mitigated by growth in no-frost refrigerators and laundry products.
