Despite a slight reduction in cement volumes during the first half of the year, Caribbean Cement Company Limited (CCC) is looking to grow its export business with its additional spare capacity.
This was revealed by Managing Director Yago Castro at the company's virtual annual general meeting (AGM) last Friday. He noted that while volumes were down two to three per cent year-to-date, the company would have had its annual shutdown in January relative to the September/October timelines that would have impacted comparative numbers. CCC produced 957,204 tonnes of cement in 2022 which was two per cent lower than the record 979,297 tonnes produced in 2021. CCC exported $41.96 million worth of cement in 2022 and sold 960 tonnes in 2021 to the export markets.
Caribbean Cement is looking to significantly increase its exports following the planned US$40-million ($6.18-billion) expansion of its facilities to grow its production capacity by 30 per cent. The original timeline was for the first half of 2024, but the new timeline has been moved to the first quarter of 2025 based on the company planning to complete the necessary connections during the general shutdowns.
CCC's sales peaked at $25 billion in 2022 with its net profit jumping 24 per cent to $5.38 billion. This improved performance allowed for the company to clear its bank debt and pay $1.5032 per share or a $1.28-billion dividend, the first payment in 17 years.
