Holcim Philippines posted a 138 per cent rise in net profit in 2009 as infrastructure spending, especially in Mindanao, boosted sales volumes to record levels.
Net income reached PHP3.1bn (US$69.7m) compared to PHP1.3bn in the previous year, as sales grew 16 per cent, outpacing nationwide growth.
Last week the Cement Manufacturers Association of the Philippines (Cemap) said the cement market grew 11 per cent in 2009, the highest growth posted since the Asian financial crisis in 1997.
In a statement, Holcim Philippines said it significantly improved manufacturing efficiency allowing the company to take full advantage of the robust market, resulting in a 20 per cent rise in revenues to PHP21.9bn.
EBITDA reached PHP6.9bn, 61 per cent higher YoY.
Double-digit volume growth was achieved across all regions, with the fastest expansion of 25 per cent in Mindanao where several major infrastructure projects are being carried out.