Appliance maker Concepcion Industrial Corp. said Wednesday it posted a double-digit growth in both net income and revenues in 2016.
CIC, which manufactures air conditioning units, refrigerators and freezers, said in a disclosure to the stock exchange preliminary figures showed its 2016 net income surged 34 percent while sales jumped 16 percent from a year ago. The company did not disclose the actual numbers.
CIC said the strong 2016 performance was boosted by margin expansion, cost reduction, efficiency gains and low commodity prices, allowing the business to continue investing in long-term capabilities.
It said the double-digit growth was seen across all business units.
CIC earlier projected it would beat its target of 15-percent full-year growth in sales and net income for 2016.
“2016 was a milestone year for CIC in many respects as we continue to be on track in meeting our objectives not only financially but organizationally. We sold over 1 million units reinforcing our resolve to grow our consumer appliance business,” said CIC chairman and chief executive Raul Joseph Concepcion.
Concepcion said the group’s building and industrial segment showed great potential on continued increase in pipeline and orders.
“We invested in stronger fundamentals”•furthering our green footprint program, securing ISO certification for our project management capabilities, launching the foundation for future shared services, and implementing a strong culture campaign throughout the year, to name some of them. These investments show an affirmation of our faith in the country’s strong economic prospects over the medium term,” Concepcion said.
The company said in 2017, it would focus on ensuring sustainable growth through market share and maintaining strengthened business fundamentals to protect the bottomline.
CIC is currently on expansion mode as it targets grow net income and revenues fivefold by 2020.