Caribbean Cement Company Limited earned revenue of $20.1 billion at year end December 2020, representing growth of 13 per cent when compared to 2019.
Consolidated net income of $3.2 billion was higher than that of the previous year by $1.3 billion.
Management said the increase in revenue was related to the stronger domestic demand and the company’s capacity to supply the local market.
Operating earnings before other expenses, net, for the period was $6.8 billion, while operating earnings after other expenses was $6.3 billion, representing an increase of $2.0 billion when compared with prior year.
“We will leverage the benefits of our recent plant modernisation programme that gave us record results in production in 2020.”– Carib Cement
It was outlined that, despite the increase in production and sales, the company has been able to maintain similar levels in operating costs and expenses based on operational efficiencies achieved through the improvement to equipment and operational processes.
Carib Cement recorded earnings before taxation of $4.4 billion, representing an improvement over the $2.7 billion achieved last year.
In relation to cash flow, net cash provided by operating activities was $7.0 billion for the year.
The cash flow generation during the period has allowed the company to reduce debt by $4.7 billion for the year, management said.
They noted in remarks attached to the results, “The results of 2020 are a culmination of proactive decision making, effective risk management and an outstanding employee performance that despite the many challenges, remained steadfast in serving our customers and contributing decisively to the economy of Jamaica.
“Among our proudest achievements was the quick adoption of 52 new protocols designed to reinforce safe behaviours and prevent the spread of COVID-19.”
In terms of the company’s financial performance, management said, “We continue to operate in an environment of significant uncertainty. Our strategy will focus to effectively manage the variables under our control, providing to our customers an excellent service and high quality products.
“We will leverage the benefits of our recent plant modernisation programme that gave us record results in production in 2020,” they said.