![TFD [LOGO].png](https://static.wixstatic.com/media/1c4fd3_548a902f0e634d898458c2078da13fc9~mv2.png/v1/crop/x_67,y_226,w_358,h_43/fill/w_169,h_20,al_c,q_85,usm_0.66_1.00_0.01,enc_auto/TFD%20%5BLOGO%5D.png){kind=small}
![TFD [LOGO] (10).png](https://static.wixstatic.com/media/bea252_c1775b2fb69c4411abe5f0d27e15b130~mv2.png/v1/crop/x_150,y_143,w_1221,h_1193/fill/w_179,h_176,al_c,q_85,usm_0.66_1.00_0.01,enc_auto/TFD%20%5BLOGO%5D%20(10).png)
Listed supplier of home appliances Concepcion Industrial Corp. (CIC) has announced that it closed the fourth quarter of 2022 with P60 million in earnings, twice higher than profits in the earlier year, due to higher sales and the recovery of the local currency.
Photo Insert: CIC is a diversified manufacturing company that aims to provide leading products and services to the Filipino market.
We felt the enduring effect of the pandemic and the economic impact to supply and demand in 2022,” CIC Chairman and Chief Executive Officer (CEO) Raul Joseph A. Concepcion said in a media release. The firm said it managed to raise its income despite inflationary pressures.
“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,” Concepcion added.
CIC traced its profit growth to the 8.0 rise in sales to P3.5 billion, along with a stronger peso, for the three months ending in December. In the last month of 2022, the peso continued to appreciate from its record low of P59 against the greenback on Oct. 17, 2022.
In December alone, the peso strengthened by 0.8% or P0.465 when it closed at P55.755 on Dec. 29 from P56.22 on Dec. 1. For its 12-months net sales, CIC said it also registered an 8.0 sales growth to P13.2 billion.
The company’s full-year net income of P358 million was 5.0% lower than what it booked in 2021. Concepcion Industrial said the strong fourth-quarter results “were not enough to recover the weak sell-out in [the first quarter] due to Omicron-related restrictions.”
CIC is a diversified manufacturing company that aims to provide leading products and services to the Filipino market.
It has seven subsidiaries which are: Concepcion-Carrier Air Conditioning Co.; Concepcion Durables, Inc.; Concepcion Otis Philippines, Inc.; Concepcion Business Services, Inc.; Cortex Technologies Corp.; Alstra, Inc.; and Teko Solutions Asia, Inc.
Comments