Caribbean Cement Co reports 13% 3Q revenue increase

Jamaica-based Caribbean Cement Co Ltd has posted robust 3Q22 results with revenues for the quarter increasing by 12.7 per cent to JMD6.2bn (US$40.3m) from JMD5.5bn in the 3Q21.

Operating earnings were up to JMD1.9bn due to the reduction in the cost of sales as a share of net sales to 56 per cent from 80 per cent in the same period last year. This reduction was the result of the company’s decision not to undertake its planned major maintenance in the 3Q22. Last year, the maintenance programme took place in July-August, but this year the programme has been postponed as kiln output was reported to be excellent and the arrival of key parts to carry out the general overhaul was delayed.

As for its outlook the Caribbean Cement Co’s management team says its “focus will be to continue building a sustainable future supported by our capacity expansion project and improved carbon footprint. Like most companies, we have been impacted by inflationary pressure caused by the COVID-19 pandemic, and the war affecting eastern Europe, resulting in higher fuel, power, and shipping costs”.