Jamaica’s sole cement manufacturer, Carib Cement, continues to report strong operating results, generating revenues for the third quarter of 2023 of J$7.0 billion, representing a 13.4 per cent increase when compared with $6.2 billion in the corresponding period of 2022.
Operating earnings closed on J$2.6 billion, an increase of J$0.7 billion when compared to the third quarter of the prior year. The increase in operating earnings was primarily due to the increase in revenue and the continued realization of the benefits from cost containment due to improved operational efficiencies, resulting in the stabilisation of operational expenses arising from the first quarter investments in maintenance efforts.
Operating earnings before other income and expenses for the quarter was J$2.8 billion or 37.0 per cent higher than the J$2.0 billion reported for the corresponding quarter in 2022. For the first nine-months of the year, Carib Cement recorded earnings before taxation of J$5.6 billion, which was lower than the J$5.8 billion reported in 2022.
The earnings before taxation for the quarter was J$2.6 billion representing an improvement of 48.0 per cent over the J$1.7 billion achieved in the third quarter last year. Also contributing to Carib Cement’s positive earnings before taxation is the continued effect from the decision to implement a debt and foreign exposure reduction initiative.
The overall consolidated net income of J$1.9 billion for the third quarter was higher than the corresponding period in 2022 by J$0.7 billion. Earnings per share for the quarter was J$2.28, an increase of J$0.86 when compared to the J$1.42 for the corresponding period in 2022.
Caribbean Cement supplies the local market, having enough spare capacity to export 3,500 metric tonnes of high-early strength cement to the Turks and Caicos Islands. In the next quarter, the company expects to build on its current achievements and to maximise its performance, as it remains optimistic about its future.
Carib Cement plans to continue to undertake its flagship social impact initiatives of installing concrete pavements in certain communities across the island.
