MANILA, Philippines — Concepcion Industrial Corporation (CIC), the country’s leading provider of consumer lifestyle and enterprise solutions, continued its strong growth trajectory, delivering an exceptional fourth-quarter performance. The group reported unaudited Q4 2024 consolidated earnings of Php 278.7 million, a 57% increase compared to the same period in prior year, fueled by outstanding sales execution and sustained market demand.
Rajan Komarasu, Chief Finance & Operating Officer, remarked, “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 reported consolidated net sales of Php 4.5 billion for Q4, representing a 17% increase year-over-year. Including its associate company, Concepcion Midea, Inc. (CMI), the group posted net sales of Php 5.7 billion, reflecting a 22% growth rate. The consumer business segment led the charge with a remarkable 26% increase, fueled by robust performance in the refrigeration and other appliance categories. Meanwhile, the commercial segment delivered a steady growth in the aftermarket services and elevator installation categories.
For the full year, CIC achieved Php 18.1 billion in net sales and Php 1.2 billion in consolidated earnings, reflecting 23% and 83% growth, respectively. Including CMI, the group’s net sales increased by 29% to Php 23.5 billion.
Ariel Fermin, Chief Executive Officer, added, “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. We thank our customers, employees, partners and shareholders in helping us strengthen our leadership position in the market.”
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For media inquiries, please contact:
Jennie David (investorrelations@cic.ph)