Caribbean Cement is reporting another quarter of blow profits with revenues of $6.3 billion, up 32.6 percent over the $4.78 billion in the 2020 June quarter. Revenues blasted 32 percent to $12.3 billion for the half year compared to $9.3 billion.
The second quarter revenues growth beats the 31 percent rise in the first quarter as well as exceeding by 6.4 percent the $5.97 billion in the first quarter.
Profit after tax surged 200 percent higher to $1.56 billion in the second quarter from $521 million in 2020. And more than tripled the 2020 half year results of $1 billion to $3.09 billion.
Similar to 2020, gross profit was 47 percent in the second quarter to $3 billion versus $2.25 billion in 2020, while year to date it rose to 48 percent to $5.88 billion.
The company generated earnings per share of $1.84 for the latest quarter versus just 61 cents in 2020 and made $3.63 per share for the half year, up from $1.18 in 2020 and is well on the way the reach ICInsider.com forecast of $8.50 for the year, with the company stating “we expect continued buoyancy in the construction sector driven by both government-initiated infrastructure projects and many private developments.”
Foreign exchange losses are down to $50 million in the June quarter versus $376 million in 2020 and, for the six months, $258 million compared to $657 million.
Cash flows from operations amounted to $1.7 billion for the quarter and $4 billion year to date. $3.9 billion was repaid in loans for the six months period and will result in reduced interest cost in the second half of the year. The repayment of loans reduced borrowed funds to $3 billion. Shareholders’ equity stands at $14.7 billion, with accumulated profit at $5 billion.
