LISTED appliances maker Concepcion Industrial Corp. (CIC) said its net profit surged 34 percent in 2016 on the back of higher margins, lower costs and efficiency gains.
Reporting its preliminary results on Wednesday, CIC said its profit after tax after minority interest rose to P896 million from 2015’s P667 million. Its net sales grew 16 percent to P12.3 billion from P10.6 billion in 2015.
“The year’s performance was boosted by margin expansion, cost reduction and efficiency gains, and low commodity prices allowing the business to continue investing in long-term capabilities, resulting in double digit growth across all its business units,” the company said in a disclosure to the Philippine Stock Exchange (PSE).
“2016 was a milestone year for CIC in many respects as we continue to be on track in meeting our objectives not only financially but organizationally. We sold over 1 million units, reinforcing our resolve to grow our consumer appliance business,” said Raul Joseph A. Concepcion, CIC chairman and chief executive officer.
“Our strong performance and the recognition that we have been getting both from the investor community and our peers validate our efforts and the progress that we have made in profitably expanding our core businesses,” he added.
CIC was awarded Finance Asia’s Best Small Cap Company for two years in a row. In the recent Asia CEO awards, CIC was also recognized as a finalist in the Best Employer and Top Executive Leadership Team categories.
Concepcion said the company will focus on ensuring sustainable growth in 2017 through efforts in increasing market share and maintaining strengthened business fundamentals.
Under CIC’s five-year plan to 2020, the company aims to increase its revenues to P50 billion by the end of the period by growing 20 percent to 30 percent yearly.
Incorporated in 1997, CIC manufactures refrigerator appliances and air-conditioning units and systems under the Kelvinator, Carrier, Condura and Toshiba brands.