CIC unaudited net up 86% to P667M

By Brix Lelis

Feb 01, 2024 12:18 am

CONCEPCION Industrial Corp. (CIC) reported on Wednesday that its 2023 unaudited net income rose by 86 percent to P667.3 million, from P358 million in 2022, on the back of an 11-percent increase in sales.

The air-conditioning and refrigeration firm closed last year with P14.7 billion in net sales, higher than the P13.2 billion recorded a year earlier. Including contributions from associate Concepcion Midea Inc. (CMI), net sales expanded by 15 percent to P18.2 billion.

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