Holcim Philippines sees 124% net income increase

Holcim Philippines reported a 124 per cent YoY increase in net income to PHP2.3bn (US$45.66m) in the first nine months of 2021, compared to PHP1.03bn in the year-ago period, on the back of higher cement sales.

“Our continuing focus on operational efficiencies and cost management enabled us to drive performance despite market demand and inflationary challenges. We take pride in leading industry innovations with our new building solutions that help partners build better,” said Horis Adrian, president and CEO of Holcim Philippines.

Net sales increased by seven per cent YoY to PHP20.1bn from PHP18.79bn in the 9M20, as higher demand for construction materials positively impacted the cement, aggregates and dry mix businesses.

However, the company reported significant cost increases of fuel and power in the third quarter while market demand was affected by the weather and COVID-19 control measures.

Elsewhere, the company inaugurated new storage and processing facilities at its Bulacan plant to strengthen its usage of alternative fuels and raw materials.