Cement News tagged under: Jamaica

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Caribbean Cement pays first instalment of asset buyback

02 May 2018, Published under Cement News

Jamaica’s Caribbean Cement Co Ltd (Carib Cement) has paid the first instalment of JMD1.3bn (US$10.50m) on an asset buyback agreement with its parent company, Trinidad Cement Ltd (TCL). The agreement means that Carib Cement has 90 days to pay US$118m to TCL, to reclaim ownership of Kiln 5 and Mill 5 at its facility in Rockfort, Kingston, according to The Jamaica Gleaner. "The initial payment of JMD1.3bn towards the acquisition represents a significant investment in plant and equipment, imp...

Caribbean Cement considers exiting lease agreement

26 March 2018, Published under Cement News

Caribbean Cement could reduce its costs by approximately a third, US$10m, annually if it exits a lease agreement with its parent company, Trinidad Cement Company (TCL), according to The Gleaner. The company is projected to spend about US$25m on the 2017 operating lease for its Rockfort facility in Kingston. The plans would involve terminating that annual payment and buying back the plant, which is valued at US$118m. Caribbean Cement will make an announcement on the outcome within 90 days....

Caribbean Cement seeks quarry extension approvals

14 March 2018, Published under Cement News

Caribbean Cement Company Ltd (CCCL) plans to extend the Halberstadt Gypsum Quarry from 2km to 6.7km and establish a limestone quarry at Harbour Head spanning 50 acres. The Jamaican quarries are roughly 8.5 km apart and are operated through subsidiary Jamaica Gypsum & Quarries Ltd, but will need approval from  the National Environment & Planning Agency (NEPA). "Supplies at the gypsum quarry in Halberstadt and the limestone quarry in Harbour Head are at a critical level and as such additiona...

Caribbean Cement reports lower profits in 2017

07 March 2018, Published under Cement News

Jamaica-based Caribbean Cement Ltd reported profits of JMD1.1bn (US$8.65m), down from JMD1.3bn in 2016, according to RJR news. Company profits were impacted by the shutdown of a clinker line for maintenance in the second quarter, which resulted in a loss of JMD89m (compared to a profit of JMD359m in 2Q16). Revenues increased to JMD16.5bn when compared with JMD15.7bn the previous year.

Caribbean Cement consolidated profit hits JMD2bn

31 October 2017, Published under Cement News

Caribbean Cement group reported YtD consolidated profit before tax of JMD2.01bn (US$15.86m) over nine months compared to JMD1.26bn last year, reports Loop Jamaica. The two-thirds jump was attributed to a JMD437m write-down of overstocked items identified in 2016 and JMD407m incurred during the implementation of restructuring programmes last year. In the reporting quarter, the group announced a profit before tax of JMD847m compared to a loss before tax of JMD27m in the correspondi...

Former Western Cement owners lose damages case

18 August 2017, Published under Cement News

David Wong Ken and his partners have lost their case against former public officials and the National Investment Bank of Jamaica (NIBJ), which they accused of conspiring to ruin Western Cement Company to aid rival firms, to which they were connected, to control the market for domestic quicklime. Western Cement had sought damages for economic loss, but the Court of Appeal at the end of July upheld the judgment of Supreme Court Justice Brian Sykes for NIBJ against Western Cement for repaymen...

Caribbean Cement Co to refinance operating lease

14 July 2017, Published under Cement News

Caribbean Cement Co plans to refinance the operating lease for its Rockfort plant in Kingston, the Jamaica Gleaner reports. The company is to set up a dedicated advisory board to address its operating lease, payable to immediate parent company Trinidad Cement Ltd. "The structure of the lease is not the most efficient and might have made sense five years ago when Caribbean Cement had no possibility to finance its assets," said Caribbean Cement General Manager, Peter Donkersloot Ponce, at...

Caribbean Cement announces price increase

23 June 2017, Published under Cement News

Caribbean Cement Co of Jamaica has announced an increase in the price for cement, effective Monday. In a release published by the Jamaica Gleaner, Carib Cement said the price of its most popular product, Carib Cement Plus, will be increased by JMD38 in addition to General Consumption Tax (GCT). It says the price of its other cement products will also be increased. The company added that after three years without a price increase, the devaluation of the Jamaican dollar and increases in fue...

Jamaica Labour Ministry intervenes in Carib Cement unrest

30 May 2017, Published under Cement News

Jamaica's Ministry of Labour has intervened following industrial action by workers at Caribbean Cement Company over the company's wage offer, local media report. Ministry officials entered a meeting with union representatives after workers at the company’s Rockfort plant protested on Friday morning. Workers believe that the offer of a three per cent increase in year one and four per cent increase in the second year is too low and are calling for a rise of no less than seven per cent. G...

Caribbean Cement donates bags of cement for flood victims

26 May 2017, Published under Cement News

Caribbean Cement has donated 3000 bags of cement bearing market value of JMD3.2m (US$ 24,598) to Jamaica's Office of the Disaster Preparedness and Emergency Management (ODPEM) on Tuesday for the assistance of flood victims. The ODPEM will have responsibility in the distribution of the cement. Sophia Lowe-Pinnock, corporate communication and public relations manager at Carib Cement, told The Gleaner that the decision to donate the item arrived out of a previous meeting with Prime Ministe...