TCL sees increase in nine-month profits

TRINIDAD Cement Ltd (TCL) reported $210.6 million in profits after tax in its condensed consolidated interim financial report for the year ending September 30, released on November 1.

The results represent a significant increase in profits as compared to the same period the year before when it garnered $169.2 million. The company earned $170.1 million in after tax profits in 2023.

Chairman David G Inglefield and managing director Francisco Aguilerra Mendoza in their remarks said 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 earnings before interest, taxes, depreciation and amortisation (EBITDA) on a year-to-date basis for 2024 were $451 million, a 14 per cent increase compared to the year before.

For the third quarter, the group recorded revenue of $522 million, a decrease of six per cent as compared to the same quarter in 2023.

The group’s EBITDA also declined 34 per cent to $100 million. TCL said the decline was largely because of the negative effect of Hurricane Beryl and other adverse weather conditions in Jamaica, along with a a major kiln overhaul and increased maintenance costs.

The company’s income fell 48 per cent to $35 million as compared to the same quarter in 2023.