CONCEPCION Industrial Corp. (CIC) saw its consolidated net income in July to August grow by double-digits on the back of higher sales.
In a disclosure on Monday, the listed electronics firm said that its net profits in the third quarter surged by 47 percent to P156 million.
Sales, meanwhile, climbed by 20 percent to P3.2 billion during the same period.
This brings its consolidated sales and net income to approximately P10.97 billion and P938.79 million, respectively, as of end-September.
Concepcion Industrial Chairman and Chief Executive Officer Raul Joseph Concepcion said the “performance for the quarter was attributed to consumer sell-in gains across all product segments.”
“This period’s profitability growth shows our commitment in driving operational efficiencies in the midst of a recovering market,” he added.
Concepcion Industrial saw its consolidated net income in the first six months dropped by
13.58 percent to P782.79 million from P905.80 million a year for the same period as expenses grew faster than revenues. Consolidated revenues, as of end-June, inched up by 0.97 percent to P7.77 billion from the year-earlier P7.69 billion.
In September, it approved a three-year share buyback program commencing on September 10 and concluding on September 9, 2022 to “provide price support for its shares and enhance share value.”
On the first year of the program, the company is authorized to reacquire common shares amounting up to P100 million.
A total of 12 million common shares — representing 3 percent of its common market capitalization — could be repurchased over the whole duration of the program.
Concepcion Industrial, in a reply to the bourse query, clarified that the funds allocated for the program are internally generated.
Concepcion Industrial shares ended flat at P32 each on Monday.