Concepcion Industrial Corp. (CIC), the country’s leading provider of consumer lifestyle and enterprise solutions, said Friday net income attributable to parent equity holder more than doubled to P412.3 million in the first half of 2024 from P216.45 million in the same period last year.
CIC, in a disclosure to the stock exchange, attributed the positive first-half performance to strong demand for air-conditioning products amid hot weather condition in the second quarter
First-half sales reached P9.8 billion, a 36-percent growth versus last year.
CIC said it sustained the sales momentum throughout the first half, unlike the previous year, which experienced weak consumer sentiment and logistical challenges in the first quarter.
Net income attributable to parent equity holder reached P308.3 million in the second quarter, higher by 89.4 percent than P162.8 million in the same period last year.
Second-quarter sales amounted to P5.98 billion, up by 37.5 percent from P4.35 billion a year earlier.
Including its associate Concepcion Midea Inc., the group reached P7.7 billion in net sales with a growth of 46 percent.
“CIC achieved a significant milestone in the second quarter. We have surpassed our pre-pandemic performance and set new record for sales and earnings. The hot weather worked in our favor, allowing us to solidify our market position and demonstrate the effectiveness of our strategies, delivering on our commitments to stakeholders,” said CIC chief finance and operating officer Rajan Komarasu.
The group’s consumer business division recorded P4.6 billion in net sales, a 42 percent year-on-year increase, driven by growth across all product categories.
Sales of air-conditioning products rose 43 percent on increased demand during the hot summer, while refrigeration product sales grew 44 percent, fueled by strong demand for light commercial products and no-frost refrigerators.
Laundry product sales recovered in the second quarter, posting a 49-percent increase compared to last year’s level.
The commercial business achieved a 25-percent hike in sales.
CIC chief executive Ariel Fermin said the company’s move to focus on channel execution, innovation, quality and customer service enabled it achieve the strong first-half performance.
“We were ready to meet the natural demand for our products. Our dedication to quality and customer service has reinforced our brand’s reputation and solidified our position as an industry leader,” Fermin said.
