Caribbean Cement Company, the local subsidiary of Mexican corporate giant CEMEX, continues to reap dividends from the surge in the Jamaican construction industry, posting a consolidated net income of J$1.52 billion from revenues of J$6 billion for the three months ended March 31, 2021.

Explaining the good fortune of the Rockfort-based company, Caribbean Cement Company’s Chairman Parris Lyew-Ayee wrote: “Domestic demand remains strong. Our company has demonstrated resilience and our management team employed the strategic planning necessary to meet the unexpected spikes. The investments made over the last few years have prepared us to capitalise on these opportunities.

“We expect continued buoyancy in the construction sector, driven by both government-initiated infrastructure projects and the many private development initiatives.”

Caribbean Cement’s net profit was higher than that of the first quarter of last year by a whopping J$1 billion with net cash from its business activities bringing in J$2.3 billion for the period under review. This allowed it to continue pursuing its debt-reduction efforts and it did so by J$2 billion in the quarter ended March 31, 2021.

Revenues of J$6 billion for the quarter under review spelt a 31 per cent increased on the corresponding quarter in 2020 when the pandemic was in full bloom.

Total assets climbed marginally to J$26.8 billion from the J$26.5 billion recorded for the same period last year. Total stockholders’ equity moved from J$8.7 billion this time last year to J$13 billion. Earnings per stock unit came in at J$1.79, a significant improvement on the J$0.57 registered last year.

Total expenses ticked up but only slightly to J$3.6 billion from the J$3.3 billion posted for the corresponding quarter last year.

Fuel and electricity which came to J$1 billion was the major component here followed by remuneration and benefits which this year came to J$625.6 million.

RISK MANAGEMENT PRIORITISED

The Directors’ Statement read: “As of the end of Q1 2021, we have achieved 1,288 days without lost time injuries at our Rockfort plant, 2,106 days at our quarries and 618 days among our contractors.

“Given the uncertainty caused by the pandemic, we continue to prioritise risk management, expense control, operational efficiencies, and customer centricity. This effort has resulted in another quarter of growth, with the month of March yielding a record production of  more than 100,000 metric tonnes of cement.

“With the investments made over the last few years, the company has been well equipped to meet the increasing domestic cement demand in the country.”