Caribbean Cement reports 237% increase in net profit

Jamaica’s Caribbean Cement Co Ltd has announced a two per cent YoY revenue increase to JMD4.45bn (US$33.35m) for the first quarter of 2019. However, its net profit surged 237 per cent from JMD334m to JMD1.13bn.

The significant increase in net profit follows the company’s debt refinancing last year, which saw it buy back assets from its immediate parent Trinidad Cement Ltd. The result is Caribbean Cement’s highest profit outturn for 12 straight quarters, according to the Jamaica Gleaner.

"Peter Donkersloot, Carib Cement’s general manager, has done a tremendous job of turning around the company. We expect the earnings will continue to increase as the efficiency gains continue, coupled with increased demand for cement," said Gary Peart, CEO of brokerage house Mayberry Investments Ltd.