Concepcion Industrial doubles its Q4 net earnings - BusinessWorld Online

LISTED supplier of home appliances Concepcion Industrial Corp. announced on Wednesday that it closed the fourth quarter of 2022 with P60 million in earnings, twice higher than the earlier year, due to higher sales and the recovery of the local currency.

“The sales growth is attributed to a stronger demand in the commercial and aftermarket businesses, which was partly offset by a 1% decline in the consumer business due to weaker demand resulting from rising inflation,” the company said. For its 12-months net sales, Concepcion Industrial said it also registered an 8% sales growth to P13.2 billion. The company’s full-year net income of P358 million was 5% lower than what it booked in 2021.

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CIC earnings doubled in Q4 2022 | VG CabuagConcepcion 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…
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