Holcim Philippines has posted a 105 per cent YoY rise in net income to PHP999.4m (US$17.82m) in the first nine months of 2023, compared to PHP487.9m in the same period a year earlier. However, over the same timeframe net sales declined four per cent to PHP18.4bn from PHP19.1bn in the 9M22, reports Manila Bulletin. The fall is being attributed to poor cement demand as a result of subdued construction activity and unfavourable weather conditions. Operating EBITDA fell five per cent YoY from PHP2.7bn in the 9M22 to PHP2.6bn in the same period a year later.
In a disclosure to the Philippine Stock Exchange (PSE), the firm said its “revenue diversification strategy is delivering results, as the aggregates business continued its solid contribution due to improved price and volume from last year, while the dry mix business recorded net sales growth.” Operating earnings before income and tax (EBIT) reportedly remained steady at around PHP1.4bn in the 9M23, a testimony to the company’s optimisation of its manufacturing and logistics operations, increased use of alternative fuels and raw materials, and shift to low-carbon cements.
