Concepcion Industrial Corp. (CIC) nearly doubled its profit in the first nine months of the year to P944.9 million from last year’s 489.585.
Sales reached P13.6 billion, up 25 percent from P10.88 billion.
CIC said if the sales from its associate Concepcion Midea Inc. (CMI) are included, group sales would hit P17.7 billion, up 31 percent.
In the third quarter of the year, profit jumped grew 57 percent to P218.2 million from P138.98 million.
Sales reached P3.8 billion, up 5 percent from P3.62 billion.
“The consumer segment performed well, particularly in refrigeration and appliance categories, driving a 12 percent increase in consumer net sales. In contrast, the commercial segment saw a decline of 8 percent, primarily due to fewer large projects, though partially offset by strong air conditioning equipment sales through the contractor network,” the company said.
“Our third quarter 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 the fourth quarter, we are well-prepared for seasonal demand and remain focused on building momentum for the coming year,” said Ariel Fermin, CIC chief executive officer.
