The country’s leading consumer and industrial solutions manufacturer Concepcion Industrial Corp. (CIC) grew its net profit last year by 8 percent to P980 million as a double-digit growth in sales made up for some margin pressure.
Based on a disclosure to the Philippine Stock Exchange, CIC posted a 15-percent growth in sales for the last quarter of 2017 alone. Fourth quarter net profit posted a modest year-on-year growth of 3 percent, attributed to the impact of higher commodity prices and fluctuating foreign exchange rates, mitigated only by efforts to increase operational efficiencies.
For the full year, CIC reported a 12-percent increase in sales to P13.9 billion.
CIC chair and chief executive Raul Joseph Concepcion said: “Our performance reflects continued strong demand brought about by consistently strong economic fundamentals, rising income levels and strong private sector confidence in the economy.”—DORIS DUMLAO-ABADILLA