28 October 2024 – Concepcion Industrial Corporation (CIC), the country’s leading provider of consumer lifestyle and enterprise solutions, reported a 57% rise in third quarter earnings to Php218.2 million, demonstrating the strength of its operations and improved margins despite modest revenue growth.

Rajan Komarasu, Chief Finance & Operating Officer commented, “Our results reflect CIC’s resilience and effective execution in a challenging market. Earnings growth significantly outpaced sales, underscoring our operational adaptability.”

CIC, along with its associate Concepcion Midea, Inc. (CMI) achieved a 12% growth, with net sales of Php5.0 billion. On a consolidated basis, CIC delivered net sales of Php3.8 billion, which reflects a 5% increase compared to last year.

The consumer segment performed well, particularly in refrigeration and appliance categories, driving a 12% increase in consumer net sales. In contrast, the commercial segment saw a decline of 8%, primarily due to fewer large projects, though partially offset by strong air conditioning equipment sales through the contractor network.

Year to date, CIC including CMI, net sales grew 31% to Php17.7 billion. On a reported basis, CIC posted Php13.6 billion in net sales, reflecting a 25% growth. Consolidated earnings reached Php944.9 million, representing a 93% growth owing to higher sales and improved margins.

Ariel Fermin, Chief Executive Officer, said, “Our Q3 results reflect our proactive market strategies and extensive product portfolio. We were able to meet heightened demand for appliances, especially during peak seasons, and provided critical solutions across sectors. As we enter Q4, we are wellprepared for seasonal demand and remain focused on building momentum for the coming year”.

For media inquiries, please contact:
Jennie David (investorrelations@cic.ph)