Leading consumer and industrial solutions manufacturer Concepcion Industrial Corp. (CIC) reported a P913-million net profit attributable to parent equity holders last year, down by 8 percent year-on-year.
CIC is looking at a much better performance this year after a challenging period last year.
In the fourth quarter of 2018, CIC grew net profit including interest attributable to minority by 7 percent year-on-year to P383 million on the back of an 11-percent rise in revenue to P3.9 billion. This tempered the decline seen in the first three quarters of the year.
In 2018, CIC grappled with rising costs due to higher commodity prices, a fluctuating foreign exchange rate and unfavorable weather, particularly in the third quarter.
CIC ended last year with P14.2 billion in consolidated sales, up by 2 percent from the previous year.
CIC chair and chief executive officer Raul Joseph Concepcion said, “Last year, we weathered short-term external challenges. However, things are looking more positive as the last quarter showed signs of a less volatile 2019. We are confident that our core business will be back on a growth trajectory this year amidst more favorable market conditions.”
“We are excited to pursue strategic growth outside our core business as we aim to offer solutions that are innovative and relevant to Filipino families and businesses. Our key focus area for this year is expanding the product and services we will offer to our clients through our new technology subsidiary, Cortex.”
Cortex launched its internet of things device in November 2018. Buddee is a smart plug positioned as CIC’s entry into the home management system, with residential air conditioning as a starting point. This pioneering product—which can remotely control power, usage and energy consumption and can be used with any brand of window air conditioner—can be purchased online via Lazada.com. —DORIS DUMLAO-ABADILLA