CONCEPCION Industrial Corp. (CIC) reported on Wednesday that its 2023 unaudited net income rose by 86 percent to P667.3 million, from P358 million in 2022, on the back of an 11-percent increase in sales.

The air-conditioning and refrigeration firm closed last year with P14.7 billion in net sales, higher than the P13.2 billion recorded a year earlier. Including contributions from associate Concepcion Midea Inc. (CMI), net sales expanded by 15 percent to P18.2 billion."CIC has shown time and again our ability to overcome challenges as our resilient business allows us to adapt quickly and pivot when the situation calls for it," Chairman and President Raul Joseph Concepcion said in a statement.With the strong results last year, he stressed, the company is ready to "welcome opportunities and face the challenges of 2024. CIC is well-positioned to capitalize on emerging opportunities, and our commitment to innovation, customer satisfaction, and operational excellence remains firm."

"We continue to embark on a promising journey, confident in our ability to drive growth and deliver value to our stakeholders."

For the fourth quarter alone, the company saw unaudited consolidated income surge by 195 percent to P177.9 million due to "better margins and solid sales performance."

Net sales during the quarter were said to have inched up by 9.0 percent year-on-year to P3.8 billion, driven by sales growth in the commercial business. With CMI contributions, CIC generated a 14-percent growth in sales to P4.7 billion.

CIC said the commercial business segment posted a 33-percent year-on-year growth in sales, while the consumer business marginally declined to P2.4 billion due to lower demand for air conditioners and refrigerators."Gross profit ended 33 percent higher versus the corresponding period to P1.2 billion, growing faster than the top line," it continued.CIC shares dropped by 94 centavos, or 6.91 percent, to P12.66 each on Wednesday. Read The Rest at :