Concepcion Industrial Corp. (PSE: CIC) has reported net sales of PhP3.6 billion for the second quarter of 2021, up by 109% compared with the same period last year. Consolidated earnings recovered to PhP232 million, an increase of 284.6% YoY, with profit after tax and minority interest at PhP137 million.
For the first half of 2021, net sales increased by 45.1% to PhP6.4 billion, while the consolidated earnings grew to PhP360 million or by 10,671%. The profit after tax and minority interest reached PhP196 million.
The 2Q 2021 results benefited from improving market conditions as shown by the 11.8% 2Q GDP growth, and the impact of the low-base effect from the comparative period in 2020. The positive results also reflect the impact of our strategic investments and the cost restructuring programs we implemented. Challenges remain from the continuing COVID-19 pandemic, the slow vaccination campaigns, and the surges which 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.”