Republic Cement expects domestic demand recovery

Republic Cement of the Philippines has said the domestic cement industry is on course to return to pre-pandemic levels this year as home builders support sales, amid lower demand from the infrastructure and non-residential sectors.
 
In the first quarter of this year the company's income amounted to PHP334m (US$6.95m), 446 per cent higher YoY, due to a rise in sales volume arising from new cement capacities in Bulacan and Iligan, alongside reduced costs and increased overall efficiency.
 
"We strongly believe that we will get back to 2019 levels in 2021, [and attain] a 12 per cent growth compared to 2020," Nabil Francis, Republic Cement president, told the Philippine Daily Inquirer.
 
For the whole of 2020, Mr Francis estimated that total cement demand had dropped by 10 per cent as the pandemic curbed construction activities.