Concepcion Industrial Corp. (CIC), known for its stable brands of refrigerators and air conditioners, said its earnings doubled to P60 million in the fourth quarter of 2022.
The company attributed the increase to the 8-percent year-on-year growth in sales to P3.5 billion for the period, partly as a result of the stronger peso against the US dollar.
Strong demand from the commercial and aftermarket businesses boosted sales of Carrier, Toshiba, Condura, Kelvinator, Midea and Otis.
However, the consumer business recorded a 1 percent decline in sales due to rising inflation.
For the full year of 2022, the company’s income slid 5 percent to P358 million from last year’s P378.09 million. Net sales, meanwhile, grew 8 percent to P13.2 billion from the previous year’s P12.23 billion.
The company said its slight recovery in the fourth quarter was not enough to recover the weak sellout in the first quarter due to Omicron-related restrictions, coupled with higher commodity and logistics costs and the weak peso.
“We felt the enduring effect of the pandemic and the economic impact to supply and demand in 2022. However, we have continuously made refinements in our processes throughout the course of these challenges, with the utmost goal of protecting the long-term prospects of the business,” Raul Joseph A. Concepcion, the company’s chairman and CEO, said.
“We remain optimistic into the future and we are constantly preparing the organization to be well-positioned to seize the opportunities as they present themselves.”