CIC’s Q1 profit up 19%

Leading consumer and industrial solutions manufacturer Concepcion Industrial Corp. (CIC) grew its first quarter net profit by 19 percent year-on-year to P218 million on the back of a double-digit growth in sales.

“CIC delivered strong top-line and bottom-line performance through strong execution of new product introductions, programs at the trade level, and cost management despite the challenging environment,” CIC president, chief executive officer and chair Raul Joseph Concepcion said.

Revenues expanded by 15 percent year-on-year in the first three months to P3.1 billion, attributed to the 14 percent growth in consumer lifestyles solutions segment as well as the 17 percent increase in the building and industrial solutions segment.

Demand for inverter units and strong commercial order growth continued to push the momentum in the run-up to the summer season, the company reported.

“The first three months of the year was marked by slower market growth compared to last year, cost challenges from commodity and raw material price increases, weaker peso, and aggressive competition but we were well prepared for it,” Concepcion said.

CIC chief finance and information officer Victoria Betita said: “We are cautious at this time as we see the first quarter market softness continuing through to first half. We, however,remain optimistic about our growth prospects in the medium to long term. As such, we will continue to invest in systems and capacity throughout the next two years while ensuring productivity in our day-to-day operations.”

The company announced a regular cash dividend of P1 per share last April 4 with April 20, 2017 and May 16, 2017 as record and payment dates, respectively.

CIC’s board also announced a 20 percent special stock dividend. Ex-dates are still pending shareholder and regulatory approvals.