Caribbean Cement Company Earned Q1 Revenues Of JA$4.5B, An Increase Of 2% When Compared With Q1 2018.
Parris Lyew-Ayee Chairman of Caribbean Cement Company Limited is reporting that for the quarter ending March 2019, the Group earned revenue of JA$4.5 billion, an increase of 2% when compared with the first quarter of 2018.
This as the company continues to build on the gains made in 2018 with key indicators heading in the right direction he reported.
At the forefront of this he said was their emphasis on health and safety, measured in part by employees achieving 551 and 1 ,375 incident free days at the Plant and Quarries respectively.
Earnings before interest, depreciation, amortisation and tax were JA$1.9 billion, or 218% higher than the JA$0.6 billion reported for QI 2018.
Profit before tax was JA$1.4 billion, an increase of 168% over than the $0.5 billion achieved in QI 2018.
Net profit after taxes for the period amounted to JA$1.1 billion, reflecting a significant increase in comparison with same period last year and has resulted in earnings per share of $1.33 as against $0.39 in 2018.
Net cash generated by operating activities for the period of $1.2 billion was an improvement of 39% compared to QI 2018.
Contributing significantly to this quarter’s financial performance were improved operational efficiencies which have led to cost reductions in areas such as raw material and consumables, repairs and maintenance and equipment hire.
Additionally, these factors were also higher in the corresponding period because of scheduled kiln stoppage performed between February and March 2018.
The termination of the lease with Trinidad Cement Limited (TCL) concluded in April 2018 with the acquisition of Kiln 5 and Cement Mill 5, which has also contributed to the reduction in operating expenses while simultaneously registering significant investment in plant and equipment by $14.9 billion he reported.
This sum was partially covered by loans of $11.8 billion.