Concepcion Industrial Earns P232 Million

The country’s leading provider of consumer lifestyle and building industrial solutions, Concepcion Industrial Corporation (PSE/Bloomberg: CIC/CIC.PM) released financial and business updates covering Q2 and H1 results.

Photo Insert: Concepcion Industrial Corporation reports positive figures that are welcome during the pandemic.

The Q2 Net sales ended at Php 3.6 billion, a 109.0% increase from last year’s numbers. The consolidated earnings of CIC recovered to Php 232 million or by 284.6%, with profit after tax and minority interest (PATAMI) at Php 137 million.

The H1 net sales increased by 45.1% to end at Php 6.4 billion, while the consolidated earnings grew to Php 360 million or by 10,671%.

The profit after tax and minority interest (PATAMI) reached Php 196 million. The 2021 Q2 results benefited from improving market conditions as shown by the 11.8% Q2 GDP growth, and the impact of the low-base effect from the comparative period in 2020. The positive results also reflect the impact of strategic investments and the cost restructuring programs we implemented.

Challenges remain from the continuing COVID pandemic, the slow vaccination campaigns, and the surges that lead to more Enhanced Community Quarantine (ECQ) lockdowns. Additional headwinds come from high commodity prices and container van shortages.

"CIC continues to focus our investments on building our brands, improving the product mix, and strengthening the digital infrastructure. We are committed to ensuring the health and safety of our employees through a vaccination program for our employees, their families, and business partners," Raul Joseph A. Concepcion, Chairman and CEO, said.

“While we have seen signs of a market recovery during H1, conditions remain challenging as the pandemic rages on. We remain cautiously optimistic for the rest of the year, as the economy starts to normalize after mass vaccination continues. We can see the light at the end of the tunnel, and are investing to ensure we are ready for the post-pandemic economic recovery.”

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