TCL profits increase by 70%

The Trinidad Cement Ltd (TCL) group has reported a $73 million increase in net income for the six months ended June 30.

In its consolidated financial statements, published on the TT Stock Exchange website on July 29, TCL recorded a net income of $176 million, a 70 per cent increase, compared to $103 million during the same period in 2023.

On a year-to-date basis, the group's consolidated revenue from continuing operations was $1.2 billion, three per cent higher than the previous corresponding period.

In the chairman’s report, David Inglefield said the group’s adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA), which reflects its core profitability, was $351 million, a 43 per cent increase compared to the same period the year before.

"The 2024 operating result includes the benefit of restructuring activities while the 2023 result includes major maintenance costs incurred during the first quarter of the prior year," Inglefield said.

TCL generated $341 million from operating activities thanks to improved working capital management.

Inglefield said the group remains focused on its key strategic priorities of health and safety, customer-centricity, innovation, sustainability and EBITDA growth.

"This is aimed at the creation of value for all our stakeholders. We are enthusiastic about our climate action initiatives and strides are being made in our journey to carbon neutrality.

"We will continue to drive progress in this area, carefully adhering to our Future in Action plan, 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."

Inglefield added that the group is confident in maintaining its strong share of the Caricom market.

He listed the group's recent initiatives, which include a TCL call centre in TT (followed by Jamaica, Barbados and Guyana) and opening more Construrama stores in TT.

He also expressed the group's deep concern for its neighbours affected by Hurricane Beryl.

"Through our community care programme, our teams have been contributing to the relief efforts and we are confident that together, we can rebuild," he said.

Since 2021, TCL, the country’s only local manufacturer, has increased prices four times.

In February, Government announced a suspension of the maximum quota for cement and the registration system for importation, in response to TCL’s price increases.

This means there will be no ceiling on the volume of cement that can be imported.

In 2021, the quota was 75,000 tonnes of cement, and in 2022 the maximum quota was increased to 150,000 tonnes.