Caribbean Cement posts flat 1Q profit

Caribbean Cement Co Ltd in Jamaica has reported a flat profit for its 1Q22 but views the future with optimism. In the January-March 2022 quarter, Caribbean Cement saw a profit of JMD1.59bn (US$10.3m) on a revenue of JMD6.8bn, compared to a profit of JMD1.53bn on JMD5.97bn a year earlier.

"CCC remains encouraged about the future, especially given the recent actions by the Government of Jamaica to remove curfews and fully reopen the economy. The company is also heartened by the strong cement demand evidenced by several announcements from the Government and private developers to construct housing and luxury villas, especially those that will adopt an eco-friendly design," said the cement producer. However, global events and their impacts on trade have shown that optimism is to be muted. The Russian-Ukraine war has led to surges in the price of oil, gas, etc.

Going forward the company cautioned: ”CCC will remain vigilant about possible impacts on business continuity due to the ongoing conflicts in sections of Europe, which have caused increased costs in fuel, power, and shipping, as well as threats from new strains of the COVID-19 infection.”