Despite Restructuring Costs And Increased Energy Expenses, CCCL 2017 PBT 15% Higher Than 2016
2017 has been described by the Directors for Carib Cement Company as a transition year.
This as the ﬁnancial performance saw signiﬁcant improvement over 2016, driven mainly by lower operating expenses, as the restructuring and efﬁciency improvement programs executed took full effect.
Revenue was JA$16.5 billion, which represented an increase of 5% compared to 2016.
Chairman of the company, Parris A. Lyew-Ayee, in his comments to shareholders reported that net cash generated by operating activities for the year of JA$3.2 billion is an improvement of 86% compared to 2016 and is due primarily to more efﬁcient working capital management.
Commenting further he indicated that signiﬁcant cash resources were allocated to capital expenditures, up to $2.2 billion, to areas including Health and Safety, expansion works and improvement of operational efﬁciencies.
During Q4-2017, he said the Company incurred signiﬁcant restructuring costs of $875 million, which will allow for the development of a more competitive and ﬂexible cost structure and increase the proﬁtability of the plant going forward.
Despite these restructuring costs and signiﬁcant increases in energy and fuel related expenses, CCCL proﬁt before tax was $1.56 billion, 15% higher than the $1.35 billion for 2016.
Carib Cement net proﬁt after taxes for the period 2017 amounted to $1.15 billion or $1.35 earnings per share.
To view Caribbean Cement Company Limited Summary Consolidated Audited Financial Report click HERE