Cement News tagged under: Jamaica

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Caribbean Cement sees 2% increase in revenue

06 August 2020, Published under Cement News

Jamaica’s Caribbean Cement has seen a two per cent YoY increase in revenue to JMD4.8bn (US$32.62m) for the second quarter of 2020. Earnings before tax climbed 55 per cent to JMD1bn from JMD0.7bn in the 2Q19, while net income surged 41 per cent YoY to JMD0.5bn. “While it is still very early to fully evaluate the long-term effects of COVID-19 on our operations, we believe that this event has made us a stronger and more efficient organisation,” said Parris A Lyew-Ayee, chairman.

Caribbean Cement forecasts 10-20% sales decline in 2020

03 June 2020, Published under Cement News

Jamaica-based Caribbean Cement expects its annual sales to drop 10-20 per cent this year, due to the effects of the COVID-19 pandemic. "The forecast we are seeing is a 10 to 20 per cent decline in annual terms," said Yago Castro, general manager. "We are factoring the first quarter which was normal, but the second quarter we saw a drop by one-third, and the third quarter we are also expecting a decline when compared with last year," he said. Sales were down 35 per cent YoY in April and...

Caribbean Cement reports 2% revenue increase

30 April 2020, Published under Cement News

Jamaica-based Caribbean Cement reported a modest two per cent YoY improvement in revenue to JMD4.54bn (US$33.49m) for the first quarter of 2020. However, overall consolidated net income decreased 57 per cent YoY to JMD500m. The company also noted that it had implemented protocols to protect employees while also serving requirements and protecting cash flows during the COVID-19 pandemic. "We are following government regulations, while working to minimise, as much as possible, the impact o...

Caribbean Cement Co inaugurates new packing equipment

05 March 2020, Published under Cement News

Jamaica's Caribbean Cement Co has inaugurated a new palletising machine at its Rockfort plant to reduce manual packing. The FLSmidth Ventomatic Polimat palletiser is one of two new packing machines acquired by the company and while one machine is already up and running, the commissioning of the second is already underway. "Our production capacity, as of today, with only this new palletiser, is now more than 100 per cent of the total Jamaican market. We are able to, right now before instal...

Rain sends Caribbean Cement profits down

01 November 2019, Published under Cement News

Caribbean Cement Co’s 3Q profit was affected by heavy rains at the end of summer and a large tax charge, according to the cement producer. In addition, higher operational expenses further impacted profit. Some of the costs were associated with the demolition of a large obsolete structure at its Rockfort plant near Kingston, Jamaica. Sales revenue in the third quarter fell to JMD4.38bn (US$31.8m) from JMD4.46bn in the 3Q18. Profit before tax declined 55 per cent YoY to JMD238m while profi...

Caribbean Cement Co exports clinker to Haiti for the first time

03 September 2019, Published under Cement News

Jamaica’s Caribbean Cement Co has exported clinker to Haiti for the first time, according to the Jamaica Observer. The 7500t shipment became possible due to excess production at the company’s plant in Kingston. The operations of the plant have been upgraded over the past four years with an investment of JMD4bn (US$162m) in capital expenditure and JMD500m in training, health and safety, and improving the plant's environment. The company has already exported 14,300t of clinker to Trinidad ...

DR’s roadmap to the future

27 August 2019, Published under Cement News

Supported by sustained economic development, the construction sector of the Dominican Republic has provided a solid base for growth for the country’s cement industry. With an 8Mta production capacity, domestic cement companies have helped the country make the switch from being a net importer to a net exporter. Providing the setting to the XXXVI FICEM Technical Congress 2019, ADOCEM provides a timely update of its cement sector. By ADOCEM, Dominican Republic. With 8Mta of production ca...

Caribbean Cement to dispose of over 2m tyres

22 July 2019, Published under Cement News

Jamaica’s Caribbean Cement has been selected by the country’s government to remove and dispose of over 2m old tyres stockpiled at the Riverton City disposal site in Kingston, according to the Jamaica Observer. Peter Donkersloot Ponce, general manager, has confirmed that the company will be signing a memorandum of understanding with the government this week. He also noted that the company is likely to begin a 40-day trial period before moving to a full industrial roll-out. Around US$0.5m ha...

Caribbean Cement reports 237% increase in net profit

01 May 2019, Published under Cement News

Jamaica’s Caribbean Cement Co Ltd has announced a two per cent YoY revenue increase to JMD4.45bn (US$33.35m) for the first quarter of 2019. However, its net profit surged 237 per cent from JMD334m to JMD1.13bn. The significant increase in net profit follows the company’s debt refinancing last year, which saw it buy back assets from its immediate parent Trinidad Cement Ltd. The result is Caribbean Cement’s highest profit outturn for 12 straight quarters, according to the Jamaica Gleaner. ...

Caribbean Cement secures loan to pay US$ debt

12 December 2018, Published under Cement News

Jamaica's Caribbean Cement Co Ltd and its mining subsidiary have secured a five-year JMD3bn (US$23.53m) loan from National Commercial Bank Jamaica to pay back a US dollar debt. The amount will be repaid in Jamaican dollars at a rate of 7.45 per cent per annum. The company also has stated that some of the funds will be used for general corporate purposes, according to The Gleaner. Its mining subsidiary, Jamaica Gypsum and Quarries Ltd, a borrowing partner of the loan, is also about to expan...