Caribbean Cement forecasts 10-20% sales decline in 2020

Jamaica-based Caribbean Cement expects its annual sales to drop 10-20 per cent this year, due to the effects of the COVID-19 pandemic.

"The forecast we are seeing is a 10 to 20 per cent decline in annual terms," said Yago Castro, general manager. "We are factoring the first quarter which was normal, but the second quarter we saw a drop by one-third, and the third quarter we are also expecting a decline when compared with last year," he said.

Sales were down 35 per cent YoY in April and fell around 10-20 per cent in May, according to the Jamaica Gleaner.

The company is expected to turn to new export markets in the 2H20 to make up for the domestic shortfall, with the Cayman Islands, Bermuda and the Bahamas reportedly considered.