CIC CEO and Chairman Raul Joseph A. Concepcion, in his report to the shareholders, announced robust growth of CIC’s topline at 15% and ended 2015 at PATAMI (Profit After Tax After Minority Interest) at PhP667 million supported by strong consumer and business spending, growing order-book and pipeline, commodity prices and traction in key internal programs in cost reduction, organization upscaling, asset management and governance.
Concepcion highlighted CIC’s positive strides into other appliance markets expanding from its core line of Air Conditioning and Refrigeration into new products such as Laundry and Kitchen appliances, selling over 750,000 units of consumer durables during the year and breaking the 10-billion mark with sales of PhP10.6 billion for the year.
Concepcion attributes CIC’s performance to positive economic fundamentals such as rising income levels and strong private sector confidence in our economy, “indicating a very bright outlook for the coming year and over the longer term.” He further emphasized that “The country’s economy is further buoyed by tailwinds rooted in a demographic dividends, expanding disposable income, increased urbanization, growing household ownership levels with continuous positive business and consumer environment”.
CIC, in its Chairman’s report, continues to set its sights on the 2020 vision that was unveiled in last year’s Annual meeting. For 2015, the company focused on its three-fold priority of growth, sustainability, and foundation-building. Investments in growth particularly in leadership bench strength, strengthening core capabilities, synergies and strong governance were among the key themes for the year. Key milestones included the buildup of CIC’s B2B capabilities and pipeline, organization upskilling with key HR programs and hires put in place, improving the service business, as well as sustained governance.
Concepcion showed CIC’s strong performance for Q1 2016 with a sales growth of 21% and growth of 52% in its PATAMI (Profit after Tax after Minority Interest). He further expressed optimism in CIC’s results for Q2 which he expects will exceed guidance.
Last April 2016, CIC announced a regular dividend of 69 centavos per share, 35% of prior year’s net income and this was paid last May 18, 2016.
CIC was recently awarded as FinanceAsia’s Best Small Cap company two years in a row and in 2015, the company’s executive committee was ranked among the country’s top Executive Leadership Team in the KPMG-ASIA CEO awards.