Caribbean Cement Company (CCC) Limited reported overall consolidated net income of $0.5 billion, 41 per cent higher than the comparable Q2 2019.
The company indicates that despite the increased operational risks posed by COVID-19, it has continued to pursue its plant modernisation programme and investment in training, with “favourable results in health and safety outcomes.”
CCC earned revenues for the period of $4.8 billion, representing growth of two per cent when compared with the Q2 2019.
The company recorded earnings before taxation of $1.0 billion, which was an improvement of 55 per cent above the $0.7 billion achieved in Q2 2019.
Chairman Parris A. Lyew-Ayee said that contributing to CCC’s positive performance was its “aggressive USD debt repayment policy” which has led to the reduction of financial expenses of $0.06 billion (-28 per cent) and a decrease in foreign exchange loss by $0.08 billion, (-18 per cent) over Q2 2019.
In relation to cash flow, net cash generated by operating activities was $1.6 billion.
Directors outlined that both cash flow generation during the quarter and available cash at the beginning of the period have allowed the company to reduce debt by $1.0 billion during the quarter and by $2.1 billion over the first half (H1) of the year.
Looking ahead, Lyew-Ayee noted, “While it is still very early to fully evaluate the long-term effects of COVID-19 on our operations, we believe that this event has made us a stronger and more efficient organisation which is a testament to the resilience and commitment of our employees and the robustness of our systems and operations.”