TCL reports second consecutive year of record revenues

Trinidad Cement Co Ltd said it recorded its highest ever revenue of TTD2.1bn (US$319m), an increase of TTD12.4m compared to a year earlier despite facing increased competition. The increase represents the second consecutive year of record revenues

The 2015 revenue growth was mainly driven by a 12 per cent rise in cement sales volumes in Jamaica and a 16 per cent increase in clinker sales volumes.

Profit after tax amounted to TTD428.7m compared with losses of TTD211m in the prior year which resulted in  earnings per share of US$1.19 (which includes the effect of a one-time financing gain of TTD205.8m (of US$0.61 per share) compared with a loss of $0.87 for 2014.

The group has fully remediated the debt default condition which existed in 2014. Also, through the restructuring process undertaken in 2015, it has also reduced its debt exposure and increased cash balances at year end. Principal payments to its lenders began in 2015. TCL has also begun extensive operational restructuring programmes and committed signicant investment over the next three years to improve cost effciencies and competitiveness in all of its business units.