Holcim Philippines (Holcim group) saw higher profits in 2021 as it shielded margins from higher costs by raising prices.
Holcim Philippines President and CEO, Horia Adrian, said ‘cost mindfulness’ and a tighter focus on operations and innovation would protect the company’s bottomline through 2021.
The company underscored growth last year despite challenges arising from lower demand during the pandemic and the surge in costs of energy and fuel that were key inputs in the production of cement.
Holcim Philippines said net income last year jumped over 24 per cent to PHP2.6bn (US$496.2m) while sales increased 3.58 per cent to PHP26.95m.
The company implemented a series of price increases last year to blunt the impact rising coal, fuel and power costs. This also helped Holcim Philippines increase margins last year to 20.1 per cent from 18.2 per cent in 2020, its annual report showed.
“Despite market pressures brought by the pandemic, weather disturbances that impacted the continuity of construction activities, and surges in energy and fuel prices, our company was able to deliver strong profit growth in 2021 from 2020,” Mr Adrian said.
