Carib Cement posts strong Q3 earnings
Caribbean Cement Company recorded a strong third quarter with net income climbing 15 times higher for the period ending September 2020 compared to the corresponding three months last year.
The cement manufacturer netted income after tax of $1.23 billion in the quarter versus just $76.9 million in the prior year. Over the nine-months year to date, net income was $2.23 billion versus year-earlier levels of $1.57 billion.
“This solid operating result is attributable to higher volumes sold, prudent cost containment measures and operational efficiencies that have allowed us to keep operational costs and expense in check despite the increased rate of production,” said the company in its financial report, adding “The third quarter of 2020 has shown the resilience of our company and how, through the expertise and commitment of our team, we have been able to withstand the unprecedented challenges presented by the COVID-19 pandemic.”
In terms of the company’s sales performance for the third quarter, the manufacturer earned revenue of $5.8 billion, representing a 32 per cent increase when compared with the corresponding period in 2019. The operating earnings before other income and expenses for the period was $2.3 billion.
“Operating earnings” after other expenses was $2.2 billion, representing an increase of $1.4 billion when compared to the third quarter of the prior year.
Carib Cement said that its commitment to safe practices preceded COVID-19 and that it reported 1,100 days without lost time injuries at the plant and 1,924 days at its quarries as of September 30, 2020.