Concepcion Industrial Corp., a leading provider of consumer lifestyle and enterprise solutions, reported on Thursday a strong performance in the fourth quarter, when it posted a 57 percent year-over-year increase in consolidated net profit to P278.7 million.
This strong growth was driven by exceptional sales execution and sustained market demand, which continued to support the company’s robust financial performance.
For the fourth quarter, Concepcion Industrial posted consolidated net sales of P4.5 billion, a 17 percent increase from the same period last year. When sales of associate company, Concepcion Midea Inc., are included, total group sales reached P5.7 billion, a 22 percent year-over-year growth.
The consumer business segment was a standout performer, with net sales surging by 26 percent, particularly driven by strong sales in refrigeration and other appliance categories. The commercial segment also saw steady growth, notably in aftermarket services and elevator installations.
Looking at the full year, the company achieved a 23 percent growth in net sales at P18.1 billion. The company’s total net profit surged 83 percent to P1.2 billion. Including Midea, total net sales for the group increased 29 percent to P23.5 billion.
Concepcion Industry chief executive officer Ariel Fermin underscored the company’s success in leveraging strong customer demand and its ability to deliver exceptional value. “2024 was a year of significant growth,” said Fermin. “Our ability to meet the needs of our customers with preparation and insight has allowed us to strengthen our market leadership.”
The strong performance of the company in the fourth quarter and throughout 2024 positions it well for continued growth into 2025, driven by solid market demand and strong operations.
