Durrant Pate/Contributor

Carib Cement is seeing robust demand for cement locally, resulting in encouraging March first quarter returns with revenues climbing to J$7.6 billion, representing an 11.9 per cent growth compared to the corresponding period in 2023. 

This increase in revenue was driven by the continued strong domestic demand being experienced, and the company’s capacity to supply the local market. Operating earnings for the quarter stood at J$2.6 billion, showing a J$2.3 billion increase from the previous year’s first quarter. 

This growth in operating earnings was mainly due to normalized operations compared to the prior period, which incurred significantly higher costs primarily from scheduled annual maintenance in January and February 2023. Consolidated net income reached J$1.9 billion for the first quarter, surpassing the corresponding period in 2023 by J$1.7 billion. 

EPS rose by $1.93 for Q1

Earnings Per Share for the first quarter amounted to J$2.27, representing an increase of J$1.93 billion from the same period in 2023. In terms of cash flows, net cash flows provided by operating activities totaled J$3.2 billion, of which J$2.2 billion was invested in the first quarter. 

The company maintained a strong liquidity position at the end of the quarter with a cash and cash equivalents balance of J$6.3 billion. The management is reporting that Carib Cement, “stands at the threshold of exciting opportunities and challenges. We remain committed to excellence, sustainability, and responsibility to navigate the path forward.”

They saw the company will continue the work to expand its operation, remaining on track for completion while at the same time utilizing the opportunity to undertake its scheduled maintenance later this year.

“We are proud of the progress made, including the laying of a solid foundation for the realisation of our strategic objectives. Our focus remains firmly on delivering value to our employees, customers, and shareholders. By consistently exceeding expectations, we aim to further strengthen our position as a leading player in the industry,” the management reports in its Q1 forward to shareholders.