The Trinidad Cement Ltd (TCL) group recorded a $51 million increase in net income (after taxes) for the second quarter, ending June 30.
In its consolidated financial report, published on the TT Stock Exchange website on Monday, TCL recorded a net income of $105 million in Q2, compared to $54 million during the same period in 2022.
According to the release, this was attributed to a 93 per cent increase in cement volumes in TT and Guyana, a positive impact of price increases implemented to contain cost inflation and improved operating results in Barbados under its new operating model.
“It also represents a significant improvement in comparison to the loss of $2 million during the first quarter of 2023, which was because of lower cement volumes and a higher cost of sales related to planned maintenance in Jamaica,” TCL said.
The consolidated revenue from continuing operations in Q2 was $595 million, an increase of 11 per cent when compared to Q2 in 2022.
The group’s adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) – measure of profitability to net income – of $186 million in Q2 reflected an increase of 39 per cent compared to the same period of the previous year.
This was as a result of higher sales volumes across the group.
Cement sales volumes increased by four per cent in TT and five per cent in Jamaica.
During the second quarter of 2023, the group generated net cash of $39 million from operating activities. This was driven by improved operating results when compared to 2022.
In the director’s statement – attached to the financial report – managing director Francisco Aguilera Mendoza said sustainability is a strategic priority for the group.
“We continue to embrace climate action as our responsibility with an aggressive programme which features sustainable products and solutions, decarbonising our operations, circular economy, water diversity, promoting a green economy, and innovation and partnerships,” Mendoza said.
TCL's operations in TT and Jamaica partnered with their respective governments, local agencies, and other companies involved in sustainable development.
The group's low-carbon cement brand – ECO Cement – accounted for 52 per cent of its total export volume to key Caricom markets.
"We are fully committed to following our sustainability roadmap towards the achievement of our targets. Despite inflation, our markets continue to show strong cement volumes, in particular Guyana with an increase of 30 per cent in cement volumes between June 2022-2023,” Mendoza said
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