Concepcion Industrial Corp., a leader in consumer lifestyle and enterprise solutions, said Thursday net income in the second quarter nearly doubled on the back of effective sales strategies, enhanced customer engagement, and favorable market conditions exacerbated by hot weather.
Net income attributable to shareholders of the parent company rose to P308.2 million in the second quarter from P162.8 million in the year-earlier period.
Gross revenue jumped 37 percent in the second quarter to P5.98 billion. If sales of its affiliate, Concepcion Midea Inc., were included, the group’s net sales surged to P7.7 billion, a 46 percent growth.
Rajan Komarasu, CIC chief finance and operating officer, said company earnings already exceeded pre-pandemic levels and achieved record sales and earnings. He said the hot weather conditions played a pivotal role in bolstering market demand and solidifying CIC’s market position.
The CIC’s Consumer Business division led the sales growth, contributing P4.6 billion to net sales, up 42 percent on increased demand for air conditioning and refrigeration products. The recovery in laundry product sales was also robust, posting a 49 percent increase compared to the previous year.
At its Commercial business segment, the CIC reported P1.4 billion in sales, up 25 percent year-on-year on increased sales of HVAC equipment, effective channel strategies, and timely project advancements in elevator equipment.
The CIC reported P9.8 billion in first-half net sales, reflecting a 36 percent growth. Including CMI, net sales rose 41 percent to P12.7 billion. Consolidated earnings for the period total P726.7 million, doubling from the previous year due to revenue growth and improved margins.
CIC chief executive officer Ariel Fermin attributed the strong performance to meticulous preparation and strategic execution across channels, emphasizing innovation, product quality, and customer service excellence. He emphasized the CIC’s commitment to these principles reinforced its brand reputation and solidified its position as an industry leader.
“This year has demonstrated that preparation and opportunity align for exceptional results. We are grateful for our team’s dedication and the trust of our customers, which have been instrumental in our success. Moving forward, we remain focused on sustaining this momentum and delivering value to all stakeholders,” Fermin said.
