Concepcion Industrial Corporation (CIC), the country’s leading appliance products and building solutions provider, said Friday it net income jumped 83 percent to P1.2 billion in 2024 on the back of a double-digit growth in sales
CIC said in a disclosure to the stock exchange its 2024 revenues rose 23 percent to P18.1 billion from a year earlier.
CIC chief executive Ariel Fermin attributed the company’s positive financial performance to the strong demand across all products.
“2024 was a year of significant growth for CIC. Strong customer demand for our brand translated into remarkable growth. We met this opportunity with preparation, a deep understanding of customer needs and our commitment to delivering exceptional value,” Fermin said.
Net earnings in the fourth quarter climbed 57 percent to P278.7 million as consolidated net sales amounted to P4.5 billion, representing a 17 percent increase year-on-year.
“Our comprehensive product portfolio has allowed us to cater to diverse customer needs, resulting in consistent revenue growth throughout the year. Strong execution, coupled with our relentless focus on operational excellence, has positioned CIC for continued momentum,” CIC chief finance and operating officer Rajan Komarasu said.
Including sales from its associate company, Concepcion Midea Inc. (CMI), the group posted fourth-quarter net sales of P5.7 billion, up 22 percent from the same period in 2023.
The consumer business segment led growth in sales with a 26-percent increase, fueled by robust performance in the refrigeration and other appliance categories.
The commercial segment delivered a steady growth in the aftermarket services and elevator installation categories.
CIC is a supplier of air conditioners, air conditioning solutions, refrigerators and other consumer appliance products and building solutions.