Holcim Philippines sees 43% fall in net profit

Holcim Philippines sees 43% fall in net profit
03 March 2021

Holcim Philippines has reported a 42.5 per cent decline in net profit to PHP2.07bn (US$42.72m) for 2020, alongside a 22.3 per cent YoY fall in sales to PHP26.02bn from PHP33.49bn in 2019.

"Lockdowns from March to May and severe weather conditions in the fourth quarter further affected the business. These hampered delivery of raw materials and services to production sites and dispatch of products to customers," said the company in a statement.

The company's EBITDA was down by 38.6 per cent to PHP1.53bn in the fourth quarter of 2020 from PHP2.49bn in the 4Q19.

John Stull, CEO, noted the importance of the company’s health, cash and cost focus during the year. "We improved efficiency and sustainability of operations. We also introduced new building solutions and enhanced digital tools to better serve the customers," he said.

Published under Cement News