Concepcion Industrial Corporation (CIC), the country’s leading provider of consumer lifestyle and enterprise solutions, started the year strong, reporting a 55% increase in consolidated earnings to Php 287.4 million for the first quarter. The solid performance was underpinned by robust sales growth, disciplined cost management, and higher equity earnings from associate, Concepcion Midea Inc. (CMI).
“This growth highlights our resilience and ability to capitalize on market opportunities despite seasonal fluctuations in demand,” said Rajan Komarasu, Chief Finance & Operating Officer of CIC. “Our topline momentum was matched by disciplined cost management, with operating expenses growing at a slower pace than sales. We remain focused on strengthening productivity and driving sustainable earnings growth.”
CIC posted consolidated net sales of Php 4.8 billion, a 27% increase from the same period last year. Including contributions from CMI, total group sales rose 30% to Php 6.5 billion.
The consumer segment generated Php 3.5 billion in sales, reflecting 23% growth across all product categories. This was driven by improved store presence, effective sales initiatives, and competitively priced product offerings.
Meanwhile, the commercial segment delivered Php 1.3 billion in sales, up 38% year-over-year, supported by strong performance in HVAC equipment alongside continued growth in elevator and escalator installations and services.
“This quarter’s performance reaffirms the strength of our strategy in navigating an increasingly dynamic market landscape,” said Ariel Fermin, Chief Executive Officer of CIC. “Leveraging our strong product portfolio, operational efficiencies, and strategic market positioning, we are committed to innovation, operational resilience, and reinforcing our market leadership – while continuing to deliver greater value and service to our customers.”
With a strong foundation laid in the first quarter, CIC remains focused on driving sustainable growth through continued innovation, operational excellence, and strategic market execution.