Concepcion Industrial after-tax profit up 27%

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CONCEPCION Industrial Corp. (CIC) reported a 27% jump in profit after tax and minority interest in the fourth quarter, driven by a larger volume from its consumer segment.

The listed manufacturer of refrigerators and air-conditioners said the figure for the last three months of 2019 stood at P305 million. This took a push from a 13% growth in overall sales and a 6% rise in net sales to P4.1 billion during the period.

For the full-year 2019, CIC’s after-tax profit climbed 4% to P947 million, as overall sales increased 12% and net sales grew 6% to P15.1 billion.

In a statement Wednesday, the company said its improved performance last year may be attributed to the growth of its consumer segment as it introduced new products across categories. The recovery of its commercial business also helped in boosting profits.

“I am happy with the second half results for the company as it reflected a strong recovery in the market, traction on operational efficiencies, and cost reduction initiatives,” CIC Chairman and Chief Executive Officer Raul Joseph A. Concepcion was quoted in the statement as saying.

CIC Chief Financial Officer Victoria A. Betita said 2019 was a “tough year,” but the company was able to sell more than 1 million units last year and has taken initiatives to sustain its growth in the near term.

CIC is yet to submit its 2019 financial statement to the exchange.

CIC is behind brands such as Carrier, Toshiba, Condura, Kelvinator and Midea. It controls seven subsidiaries, namely: Concepcion-Carrier Air Conditioning Co.; Concepcion Durables, Inc.; Concepcion-Otis Philippines, Inc.; Concepcion Business Services, Inc.; Cortex Technologies Corp.; Alstra Inc.; and Teko Solutions Asia Inc.

It also has two associates: Concepcion Midea Inc. and AllCare Technologies Philippines, Inc.

Shares in CIC at the stock exchange closed flat on Wednesday at P30.15 each. — Denise A. Valdez