LISTED appliance retailer Concepcion Industrial Corp. (CIC) saw an 83% increase in its unaudited consolidated earnings for the full year 2024 to P1.2 billion.
The company recorded a 23% improvement in its 2024 net sales to P18.1 billion, CIC said in a regulatory filing on Thursday.
Including associate company, Concepcion Midea, Inc. (CMI), CIC said its net sales rose by 29% to P23.5 billion.
“2024 was a year of significant growth for CIC. Strong customer demand for our brand translated into remarkable growth. We met this opportunity with preparation, a deep understanding of customer needs and our commitment to delivering exceptional value,” CIC Chief Executive Officer Isaias Ariel P. Fermin said.
For the fourth quarter, CIC saw a 57% increase in consolidated earnings to P278.7 million, fueled by market demand. Consolidated net sales climbed 17% to P4.5 billion.
Together with the revenue of CMI, the company saw a 22% increase in net sales to P5.7 billion.
“The consumer business segment led the charge with a remarkable 26% increase, fueled by robust performance in the refrigeration and other appliance categories,” CIC said.
“Meanwhile, the commercial segment delivered a steady growth in the aftermarket services and elevator installation categories,” it added.
CIC shares rose by 1.47% or 20 centavos to P13.78 per share on Thursday. — Revin Mikhael D. Ochave