Holcim Philippines sees surge in full-year net profit

Holcim Philippines sees surge in full-year net profit
28 February 2013

Holcim Philippines has reported an 80 per cent YoY rise in net profit as it gains from improvements in operating and process efficiencies as well as a strong rebound in local demand.

Net profit for the 12 months to the end of December 2012 climbed to PHP3.63bn from PHP2.03bn the year before. Revenues also rose 25.62 per cent from PHP21.62bn to PHP27.16bn.

The company’s chief executive officer Eduardo Sahagun said that 2012 was one of the domestic industry’s best years, as overall growth increased by 18 per cent and Holcim’s volumes rose 21 per cent.

Sahagun attributed the strong bottomline to the company's initiatives undertaken to further improve operating and processing efficiencies and manage fixed and support costs.

“We strongly benefited from the rebound in public infrastructure spending and the private sector's continuing participation in construction across the country,” he said.

Revenues are expected to be sustained through the year, according to Sahugun, due to robust construction activities particularly with the start of several public-private partnership (PPP) projects.

To help meet further increases in demand, the company is to reopen its grinding facility in Mabini by the third quarter and it is also set to present a proposal for a new brownfield plant in Norzagaray, Bulacan to its Board and its principals in Zurich by April.

Published under Cement News