Concepcion Industrial earnings up amid strong consumer demand

Listed appliance manufacturer Concepcion Industrial Corp. (CIC) reported strong growth in 2024, driven primarily by its consumer business segment, which saw a 26 percent increase in sales, particularly in refrigeration and appliances.

In a stock exchange filing on Thursday, the company announced consolidated earnings of P1.2 billion, an 83 percent increase compared to the previous year.

Net sales rose 23 percent to P18.1 billion, while total net sales grew 29 percent to P23.5 billion when including its associate company, Concepcion Midea, Inc. (CMI).

In the fourth quarter alone, CIC, whose brands include Midea, Toshiba, and Carrier, achieved consolidated earnings of P278.7 million, a 57 percent year-over-year increase.

Fourth-quarter net sales reached P4.5 billion, reflecting a 17 percent rise, and with CMI included, total sales amounted to P5.7 billion, a 22 percent growth.

“Our comprehensive product portfolio has allowed us to cater to diverse customer needs, resulting in consistent revenue growth throughout the year,”  said Rajan Komarasu, Chief Finance & Operating Officer.

“Strong execution, coupled with our relentless focus on operational excellence, has positioned CIC for continued momentum.”