Concepcion Industrial Corp. (CIC), a leading air-conditioning and refrigeration appliance manufacturer, said Wednesday it doubled its first-quarter net income to P186 million from a year ago with the early onset of the hot dry season.
CIC said in a stock exchange filing first-quarter sales reached P3.8 billion, a 33-percent increase from a year ago on strong growth across business segments.
The company attributed the strong first-quarter performance to improved retail presence and distribution channels, wider product portfolio and the impact of the prevailing hot weather.
“We are pleased that we have exceeded the commitment for the quarter which is a testament to the hard work and dedication of our people, and the effectiveness of our strategies which have been in motion since 2023,” CIC chief finance Rajan Komarasu said.
CIC’s home appliance subsidiary Concepcion Midea Inc. booked sales of P5 billion, up 34 percent from a year ago, while the consumer business recorded P2.8 billion in net sales, up 33 percent year-on-year.
The air conditioning product sales grew 30 percent, while refrigeration products recorded an increase of 60 percent in sales due to consistent monthly sales performance, following the launch of new models and improved retail presence.
The group’s commercial business repaired a 31-percent year-on-year increase in revenues to P981 million due to increased sales of heating, ventilation and air conditioning equipment, fueled by distribution expansion and advancements in both air conditioning and elevator projects.
Operating expenses grew at a slower pace of 24 percent to support sales growth and accommodate inventory provisions for outdated models and parts.
“We are encouraged with the results of our performance, but we need to remain cautious as we face challenges and opportunities in the coming year. The foundation of CIC is strong, and the key now is to transform with customer centricity as our value discipline. This will not only drive growth and profitability but also strengthen our relationships with our valued customers,” CIC president Ariel Fermin said.