Hurricane Beryl impacts Caribbean Cement 3Q profit

Caribbean Cement Co reported an 11.2 per cent YoY drop in sales to JMD6.2bn (US$39.2m) as Hurricane Beryl hit the company’s sales in the July-September 2024 period.

Operating profit contracted by 75.7 per cent YoY to JMD600m in the 3Q24 from JMD5.8bn in the year-ago period. The hurricane also affected the company’s ability to resume production after the major shutdown and increased operating costs related to a scheduled plant maintenance shutdown, according to Our Today News.

Net income for the 3Q24 saw a 66.5 per cent drop to JMD700m when compared to the 3Q23.

9M24 sees sales uptick
For the January-September 2024 period sales saw a one per cent uptick to JMD21.5bn when compared to the 9M23.

Operating earnings edged up 4.3 per cent YoY to JMD6bn in the 9M24 from JMD5.8bn in the 9M23.

Consolidated net income for the 9M24 advanced 12 per cent YoY to JMD5bn.