Jamaica’s sole manufacturer of cement set another record for revenue in its last financial year, in which it posted a profit of $2.47 billion.
The results follow the restructuring of inventory and manpower and other efficiency measures, as well as investments in the Rockfort, Kingston-based plant.
“The year 2018 marked the beginning of a period of stability for the company,” Caribbean Cement Company said in its financial report released last week. “Planned investments yielded expected outcomes in health and safety, production and operational efficiencies.”
Sales by the cement producer rose six per cent to $17.5 billion, while its net profit more than doubled from $1.1 billion or $1.31 per share to $2.47 billion or $2.90 per share.
It’s been five years since Caribbean Cement exited its dark period that was characterised by quarterly and annual losses from 2009 to 2013. The company and its parent were forced to restructure under debt refinancing programmes that Trinidad Cement Limited (TCL) negotiated with its creditors – deals that eventually resulted in TCL and Caribbean Cement coming under the control of Mexican construction giant Cemex.more
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