Trinidad Cement post-tax profit soars in 2023
Trinidad Cement Ltd (TCL) saw revenue increase by 8.2 per cent YoY to TTD2.229bn (US$328.8m) from TTD2.061bn in 2022.
EBITDA slipped by one per cent YoY to TTD514m, of which 85 per cent was attributed to the Jamaican operations, according to David Inglefield, the company's chairman.
“Guyana also continues to improve its profitability with an increase in EBITDA of over 53 per cent compared to last year due to higher sales volumes and stronger pricing," he said.
In terms of the Trinidad and Tobago market, he added, "We continue to work diligently to improve efficiency and contain increases in input costs to maintain profitability.”
2024 proved to be a significantly profitable year as TCL saw its profit after tax almost triple to TTD170.1m in 2023 from TTD57.8m. The profit surge has been attributed to four price increases and the exit of the company's sole competitor, Rock Hard Cement, in 2021.
TCL increased its prices in December 2021, August 2022, March 2023 and February 2024. The ex-factory price of a 42.5kg bag of eco-cement increased from TTD49.10 to TTD52.88, including VAT. Premium plus cement saw a price increase from TTD53.81 to TTD57.38 for a 42.5kg bag.
