Cement News tagged under: Jamaica

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Buying House Cement could fill Jamaican cement shortages

10 August 2021, Published under Cement News

Jamaica's Government is being asked to consider alternative cement suppliers to Caribbean Cement (Cemex group) becaue of recent shortages on the island, which CemNet first reported in May . For the last 15 years, Montego Bay company Buying House Cement has been importing the product to meet 10 per cent of Jamaica’s cement demand from the Domicem cement plant in the Dominican Republic. Mark Hart, chairman of Cargo Handlers, a publicly-listed company with 30 per cent shares in Buyi...

Cemex to expand capacity at its Rockfort plant by 30%

06 August 2021, Published under Cement News

Cemex plans to upgrade and increase the production capacity by 30 per cent of its Rockfort cement plant in Jamaica. This planned increase would strengthen the self-sufficiency of the national cement industry, reduce dependency on cement imports and reinforce CCCL’s ability to serve the growth of the construction sector in Jamaica and the Caribbean.   Cemex anticipates that once this planned expansion is finished, CCCL will increase its existing cement production capacity by approximately...

Caribbean Cement triples 1H profit

02 August 2021, Published under Cement News

Caribbean Cement’s profit for the first half of 2021 has tripled to JMD3bn (US$19.3m) from JMD1bn in the 1H20, on the back of stronger domestic demand. The company’s revenues increased 32 per cent YoY to JMD12.3bn. The increase in revenues and the improved efficiency in terms of operating cost control have been key in achieving the 1H21 results.

Caribbean Cement signs MoU for tyre usage

24 June 2021, Published under Cement News

The Jamaican government has signed a Memorandum of Understanding with Caribbean Cement Co for the usage of end-of-life pneumatic tyres. The company will take used tyres from landfills and convert them into an alternative fuel. Prime Minister Andrew Holness noted that more than 2m used tyres are generated in Jamaica per year and landfills receive approximately 185,700 tyres per year. Caribbean Cement's Managing Director, Yago Castro, stated that the agreement symbolises the continuation ...

Caribbean Cement sees sales rise 31%

07 June 2021, Published under Cement News

Jamaica’s Caribbean Cement Ltd has posted a 31 per cent YoY increase in sales to JMD5.97bn (US$40.15m) for the first quarter of 2021. Net profit also surged 216 per cent to JMD1.53bn, already representing 48 per cent of 2020’s full-year total, according to the Jamaica Observer. The company also set a new production record of 100,000t of cement in March. The rise in figures comes as the country records a strong performance from the construction sector across the board.

Construction sector reports Jamaican cement shortage

17 May 2021, Published under Cement News

Members of the construction industry in Jamaica are reporting a cement supply shortage, as the country reaches its peak demand season. According to the Jamaica Observer, a hardware dealer on the south coast noted that it may have to cut staff if the shortage continues, adding that there has also been a hike in the price of construction materials. "What has been happening over the past two weeks is there has been unprecedented demand for cement, but we have been supplying the market. And, ...

Caribbean Cement looks to capitalise on growing demand

26 March 2021, Published under Cement News

Jamaica’s Caribbean Cement Co is looking to maximise its production capacity as it prepares to satisfy the increase in domestic demand, according to the Jamaica Observer. "Our current capacity is increasing every year — last year we were able to produce close to 1Mt of cement and this year we are going to exceed that as our plant has a capacity of 1.4Mta," said Yago Castro, general manager. He also noted that preparations were being made to capitalise on an additional 25-30 per cent of pr...

Caribbean Cement reports 13% increase in revenue

03 March 2021, Published under Cement News

Jamaica's Caribbean Cement Co has reported a 13 per cent YoY increase in revenue to JMD20.1bn (US$132.94m) in 2020. The rise in revenue has been attributed to stronger domestic demand. The company also saw earnings before taxation of JMD4.4bn, up JMD2.7bn on that achieved in 2019. "We continue to operate in an environment of significant uncertainty. Our strategy will focus to effectively manage the variables under our control, providing to our customers an excellent service and high-qualit...

Cargo Handlers acquires 30% stake in Jamaican cement importer

21 December 2020, Published under Cement News

Cargo Handlers Ltd has acquired a 30 per cent stake in Buying House Cement Ltd, a cement importer based in Montego Bay that mostly supplies western Jamaica. Dominican Republic-based Domicem will continue to own 70 per cent of Buying House. According to CHL Chairman Mark Hart, the cement importer holds about 10 per cent of the local cement market that is dominated by Caribbean Cement Co.  Mr Hart said the deal for the Buying House stake was recently completed and will take effect on 1 Jan...

Caribbean Cement sees sales increase 11% in 9M20

28 October 2020, Published under Cement News

Jamaica’s Caribbean Cement has seen its sales rise 11.1 per cent YoY to JMD15bn (US$102.8m) in the 9M20, compared to JMD13.5bn in the year-ago period. The company’s gross profit of JMD7bn from the first nine months of this year equates to what the company made in the full-year 2019 period, according to the Jamaica Gleaner.  In the third quarter of 2020, the company saw profits reach JMD1.2bn from JMD5.8bn of revenue. This compares to the JMD77m profit in the 3Q19 from sales of JMD4.4bn. ...