Holcim Philippines sees net profit slump in 1H22

Holcim Philippines sees net profit slump in 1H22
12 August 2022

Holcim Philippines Inc has reported revenue of PHP12.2bn (US$219.2m) in the first half of 2022, down from PHP13.7bn in the same period a year earlier. EBITDA has declined from PHP3.2bn to PHP2.1bn over the same period, with net profit falling from PHP1.6bn to PHP661m. In the second quarter, ended 30 June 2022, revenue came in at PHP5.4bn, compared to PHP6.9bn in the 2Q21. Operating EBITDA slipped from PHP1.4bn to PHP1.1bn, and net profit slumped from PHP721m to PHP240m. 

The company has been facing escalating costs driven by significant hikes in fuel and power prices, as well as a slowdown in demand from the public sector as the new-construction ban took effect in relation to the national elections. To help offset rising costs, Holcim Philippines accelerated its use of qualified wastes as alternative fuels, which now account for more than 20 per cent of the company’s combined thermal energy requirements. On 29 July 2022 Holcim Philippines also launched its low-carbon general purpose cement, Holcim ECOPlanet. 

Horia Adrian, president and CEO of Holcim Philippines, said, “We are determined to deliver value to all our stakeholders despite soft market and cost pressures. Our strategy to embed sustainability in our operations is enabling us to manage current challenges and deliver sustainable business performance. We are committed to pursue initiatives to broaden our range of innovative and eco-friendly building solutions, advance operational efficiency through digitalisation, and strengthen customer engagement for better business results and more positive impact.”



Published under Cement News