Financial Performance
The Group recorded consolidated revenue of $1.7 billion for the nine-month period ending September 2024, a marginal increase over the corresponding period of 2023.

The Group’s adjusted EBITDA on a year-to-date basis for 2024 was $451 million, a 14% increase compared to the prior year period. Throughout this year, the Group has generated accumulated net income of $211 million, an increase of 24% when compared to the same period in 2023.

The Group recorded consolidated revenue of $522 million during the third quarter of 2024, a decrease of 6% when compared to the same quarter of 2023. The Group’s
adjusted EBITDA of $100 million in Q3, reflected a decrease of 34% compared to the same period of the previous year.

This quarter’s turnover drop was largely due to the negative effect of Hurricane Beryl and other adverse weather conditions in Jamaica, along with a major kiln overhaul and increased maintenance costs. As a result, the Group’s net income fell by 48% to $35 million compared to the same quarter in 2023.

During Q3 of 2024, the Group generated net cash of $129 million from operating activities and invested $65 million in capital expenditure, made net payments of $35 million to revolving facilities, and paid dividends totalling $49 million to shareholders.

Sustainability
We continue to execute key actions aligned to our aim of becoming a net-zero CO2 company by the year 2050. Our “Future in Action” programme, through its six key pillars:

Sustainable Products & Solutions; Decarbonising our Operations; Circular Economy; Water, Biodiversity & other Emissions; Innovation & Partnerships, and Promoting a Green Economy continues to be instrumental in our achievement of a lower carbon footprint.

This quarter saw Carib Cement taking part in “International Coastal Clean-up (ICC) Day,” removing 3,088 kgs of waste from the Palisadoes Beach in collaboration with RUBiS Energy Jamaica Limited, the Rotary Club of East Kingston & Port Royal, the Jamaica Union of Tertiary Students, and the University of Technology, Jamaica among other partners.

These efforts reflect our commitment to preserving Jamaica’s natural beauty, and further cements our commitment to circularity and biodiversity, while well aligned to our Cemex circularity solutions business, Regenera. Additionally, we partnered with the Forestry Department, the Private Sector Organisation of Jamaica, and the National Council for Senior Citizens for phase two of our reforestation project at our
defunct quarry. A total of 450 trees (including fruit) were planted as part of the biodiversity pillar of our company’s “Future in Action” programme, signalling our dedication to enhancing local ecosystems and to building a sustainable future for our communities.

In Trinidad and Tobago, we continued our waste oil coprocessing trial at Claxton Bay, which will help us to deliver a sustainable solution for a local waste stream that can be detrimental to our environment and ecosystems. Considering that just one litre of oil could contaminate up to one million litres of freshwater, our commitment to diversification of our fuel mix in a sustainable manner (coprocessing in our kiln)
would therefore be highly beneficial to Trinidad and Tobago.

We are also continuing the use of alternative raw materials to lower our clinker factor while creating more sustainable and superior products. The collection of rainwater at our Mayo ponds continues to demonstrate our corporate social responsibility and a commitment to building water self-sufficiency in Trinidad and Tobago and the Caribbean.

These accomplishments, each in their distinct right, have strengthened our “Future in Action” portfolio and places us closer to our decarbonisation targets and sustainable excellence.

Outlook
We remain focused on our key strategic priorities of Health and Safety, Customer Centricity, Innovation, Sustainability, and EBITDA Growth aimed at value creation for all our stakeholders.

We are enthusiastic about our climate action initiatives and the strides being made in our journey to carbon neutrality driven by our “Future in Action” plan. We will continue to drive progress in this area, including further investments in the development of low-carbon brands and solutions, and the reception, management, recycling and co-processing of waste under Cemex’s Regenera business line.

Although our financial performance continues to show improvement over last year, an indication of potential growth, the Board and Management remain cautiously optimistic

Francisco Aguilera Mendoza
Managing Director Trinidad Cement Limited

For More Information CLICK HERE