CIC Reports 14% Earnings Growth for 1Q19
Concepcion Industrial Corp. (PSE: CIC) has reported preliminary results as of 31 March 2019, with year-to-date (YTD) profit after tax after minority interest (PATAMI) of PhP187 million, up by 14% from 2018 figures. Profit after tax (PAT) was up by 8% to PhP291 million. This result was achieved on the back of a PhP3.3 billion net sales that represents a 7% improvement from the same quarter last year.
“The first three months of 2019 has shown signs of a more stable outlook with steady commodity prices, less volatile FX and a more controlled inflation scenario,” explains Raul Joseph A. Concepcion, Chairman and CEO. “Highlights of our 1Q topline performance include strong sell-in offerings to counter the relatively slower consumer market as well as a stronger pipeline and order intake in the commercial segment Profitability was enhanced by a favorable cost and FX environment and the impact of more favorable pricing which has allowed us to continue to invest and explore avenues for future growth.”
Concepcion adds, “We continue to be confident of our mid to long term growth prospects. As our core business grows on a consistent pace, we are excited to pursue strategic growth beyond our current offerings as we aim to offer solutions that are innovative and relevant to Filipino families and businesses. Our key focus areas for this year include expanding our product and services not just through technology but better customer experience and reach as well as enabling our organization to pursue more synergies and innovation.”
Last November 28, 2018, CIC announced the majority acquisition by Cortex of Teko Solutions Asia Inc. Teko is a tech start-up that utilizes a proprietary platform for real-time access to service and repairs for home appliances such as air-conditioners, refrigerators, washing machines and water heaters, using self-employed, qualified and screened entrepreneur technicians—a first in the Philippines. The Teko platform handles all interaction between the consumer and technician, giving the consumer a seamless and hassle-free way of maintaining their appliances.
CIC announced a regular cash dividend of PhP1.20 per share last April 3 with April 22, 2019 and May 16, 2019 as record and payment dates, respectively.