LISTED home and building solutions provider Concepcion Industrial Corp. (CIC) said its second-quarter (q2) consolidated earnings rose two-fold to P541 million, surpassing pre-pandemic levels.
The growth is attributed to “well-executed sales strategies, enhanced customer engagement, and strong market demand fueled by hot weather conditions,” CIC said in a stock exchange disclosure on Thursday.
Including its associate Concepcion Midea, Inc. (CMI), CIC’s second-quarter net sales rose by 46% to P7.7 billion.
“CIC achieved a significant milestone in the second quarter. We have surpassed our pre-pandemic performance and set new records for sales and earnings. The hot weather worked in our favor, allowing us to solidify our market position and demonstrate the effectiveness of our strategies, delivering on our commitments to stakeholders,” CIC Chief Finance and Operating Officer Rajan Komarasu said.
Net sales of CIC’s consumer business grew by 42% to P4.6 billion due to strong demand for household products.
“Air conditioning product sales rose 43% due to increased demand during the hot summer, while refrigeration product sales grew by 44%, fueled by strong demand for light commercial products and no-frost refrigerators. Laundry product sales recovered in the second quarter, posting a 49% increase compared to last year,” it said.
Net sales of CIC’s commercial business increased by 25% to P1.4 billion, led by stronger heating, ventilation, and air conditioning equipment sales.
For the first half, CIC said its consolidated earnings doubled to P726.7 million. Net sales, including CMI, rose by 41% to P12.7 billion.
“This year has been a testament to the principle that ‘opportunity meets preparation,’ and together, we have seized that opportunity with outstanding results,” CIC Chief Executive Officer Isaias Ariel P. Fermin said.
“We prepared meticulously, focusing on channel execution, innovation, quality, and customer service. We were ready to meet the natural demand for our products,” he added.
CIC shares were unchanged at P12.30 per share on Thursday. — Revin Mikhael D. Ochave