Appliance maker Concepcion Industrial Corp. said Tuesday 2020 net income attributable to parent company fell by 50 percent in 2020 to P471 million from a year earlier as sales weakened amid the pandemic.
CIC said in a disclosure to the stock exchange the full-year net sales also declined by 29 percent to P10.8 billion.
“The 2020 result was largely affected by the effects of COVID-19 on the market, particularly during the first half of 2020 lockdowns. Both consumers as well as commercial markets slowed down during the early parts of 2020,” CIC said.
It said the second half showed encouraging results with some uptick and recovery in the consumer segment.
The second-half performance, however, was still impacted by the softer demand in airconditiong segment and commercial segment because of the slowdown and delay in construction projects.
Domestic refrigerators and consumer appliances showed positive signs of recovery.
“Our focus throughout 2020 was to ensure our readiness as an organization even as we put temporary measures to temper the impact of very weak demand,” CIC chairman and chief executive Raul Joseph Concepcion said.
“We continue to make investments in reenergizing our brands, the right technology platforms and innovations as we open the doors to do better days ahead in 2021,” Concepcion said.
Meanwhile, the board of CIC declared cash dividends of P1 per outstanding share of common stock of the company payable.
The cash dividends are payable on April 12, 2021 to shareholders of record as of March 12, 2021.
The cash dividends were declared out of the unrestricted retained earnings of the company as of Dec. 31, 2020 which are sufficient to cover the total amount of the dividend declared.
CIC’s stock rose 5.12 percent Wednesday to close at P21.55.
