Cement News tagged under: Jamaica

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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...

Carribbean Cement 9M revenues up 8%, net profit down 28%

29 October 2018, Published under Cement News

Caribbean Cement Co Ltd reported revenues of JMD13.239bn (US$98.4m) in 9M18, up 7.9 per cent from JMD12.265bn in the year-ago period. EBITDA rose 58.8 per cent from JMD2.429bn in 9M17 to JMD3.857bn in 9M18 on the back of lower operational costs and increased plant efficiency. Operating profit advanced to JMD3.081bn, up 49.6 per cent when compared to 9M17. However, net finance costs of JMD1.077bn and taxation of JMD0.7bn saw net profit fall by 27.6 per cent from JMD1.814bn in 9M17 to JMD1...

New cement plant for Jamaica?

22 October 2018, Published under Cement News

Haiti-based Gilbert Bigio Group (GB) reportedly plans to build a cement plant in Jamaica to consolidate its footprint in the country, according to CPI Financial. At present it imports cement from its Domicem plant in the Dominican Republic and sells it via its Jamaican subsidiary Buying House. Mauricio Pulido, GB Energy Jamaica country head, suggested that the Jamaica venture, for which a location yet has to be found, could be led out of Haiti through Kolos, a joint venture between Domicem...

Caribbean Cement receives approval for quarry projects

05 September 2018, Published under Cement News

Jamaica’s Caribbean Cement Co Ltd has received approval from the National Environment and Planning Agency (NEPA) to develop a new limestone quarry and extend its existing gypsum quarry. The company expects to produce 200,000tpa of gypsum once it expands its Halberstadt quarry from 2ha to 6.7ha. The new 20ha limestone quarry at Harbour Head, St Andrew, would be contiguous to an existing quarry and produce 800,000tpa. The environmental report on the plans had already indicated that the com...

Caribbean Cement plans to restart exports next year

27 July 2018, Published under Cement News

Jamaica's Caribbean Cement Co Ltd aims to restart exports next year following the completion of its expansion, according to the Jamaica Gleaner. The company stopped exports last year to focus on the project which is expected to be completed in 2018. "I would love to restart exports to markets such as Bahamas, Bermuda, Grenada and the Caribbean," said Peter Donkersloot Ponce, general manager, Caribbean Cement. "While we do our maintenance plan, we need to focus on our local market because w...

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 2ha to 6.7ha and establish a limestone quarry at Harbour Head spanning 50 acres. The Jamaican quarries are roughly 8.5km 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 additional...

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.