LEADING consumer and industrial solutions manufacturer Concepcion Industrial Corp. (CIC) jacked up its six-month net profit by 44 percent year-on-year to P533 million, citing strong sales across all businesses.
Net sales increased by 23 percent to P6.6 billion for the first six months, attributed by the company to favorable market conditions, strong revenue growth across all businesses, progress on key strategic priorities as well as strong operational execution.
Earnings were also driven by continued investment in building capabilities in turn funded by significant cost reduction and efficiency gains. The company also said it generated benefits from lower commodity prices, stable foreign exchange rate and benign weather, CIC reported to the Philippine Stock Exchange on Wednesday.
For the second quarter alone, CIC’s attributable net profit amounted to P350.58 million, up by 41 percent year-on-year. Net sales for the quarter expanded by 25 percent year-on-year to P3.92 billion.
CIC chair and chief executive officer Raul Joseph Concepcion said: “CIC saw strong tailwinds in the beginning of 2016 driven by high consumer and business confidence and good macroeconomic numbers driving the performance across all segments.”
“Our focus remains steadfast in further expanding our core business while seeking growth in new markets and customer segments. We have earmarked key investments in company processes, people and our leadership as we head on to solid longer-term goals this year and beyond,” Concepcion said.
CIC was recently awarded as FinanceAsia’s “Best Small Cap Company” for the second year in a row.