Merely a month after it had its maiden share sale in the local bourse, Concepcion Industrial Corp. (CIC) declared on Friday that its net income during the first nine months of the year reached more than P600 million.
CIC told the local bourse that its net income expanded to P607.8 million for the first nine months of 2013, for a 14.7-percent increase compared to the same period last year.
The company’s net sales for the period ending September 30, 2013, on the other hand, grew by 15.4 percent to P5.6 billion.
The strong performance in its financial performance, according to the listed air-conditioning and refrigeration appliances supplier, was driven by its accelerated expansion in its air-conditioning business with growth pegged at 21.5 percent year-on-year.
For the first nine months of the year, CIC’s profitability generally surged forward in the midst of the rapid expansion of its retail refrigeration business.
CIC recently signed a joint venture agreement with leading international appliance maker Midea.
“This propels CIC into the global arena as a premier manufacturer and distributor of appliances. It is an affirmation of CIC’s organic strength as a company,” CIC Chairman Raul Joseph Concepcion said.
“Together with the company’s public listing in the Philippine stock market, CIC is truly on the threshold of transitioning into a more globally diverse and sustainable company, with a value-integrated platform not only in the cooling solutions sector, but also in the wider spectrum of the white goods appliance market,” Concepcion, who is also the company’s president and chief executive officer, added.