31 January 2023 – The country’s leading provider of consumer lifestyle and building & industrial solutions, Concepcion Industrial Corporation (PSE/Bloomberg: CIC/CIC.PM) released today its financial and business updates covering unaudited Q4 and full year results.
CIC Q4 earnings doubled at Php 60 Million, against the same period last year. This is mainly driven by 8% sales growth or Php 3.5 Billion net sales for the quarter and FX recovery from a stronger Peso. 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.
CIC delivered unaudited full year net sales growth of 8% to Php13.2 Billion and earnings of P358M, a decline of 5% versus last year. Strong Q4 results were not enough to recover the weak sell-out in Q1 due to Omicron-related restrictions, coupled with higher commodity and logistics costs, and unfavorable FX due to weak Peso performance in most part of the year.
Raul Joseph A. Concepcion, Chairman and CEO, said: “We felt the enduring effect of the pandemic and the economic impact to supply and demand in 2022. 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. We remain optimistic into the future and we are constantly preparing the organization to be well-positioned to seize the opportunities as they present themselves.”
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Atty. Omar Taccad
Concepcion Industrial Corporationinvestorrelations@cic.ph