Holcim Philippines reported on Monday a 124-percent increase in net income to P2.3 billion in the first nine months from P1.03 billion a year ago on higher cement sales.
The company said earnings before interest and taxes also jumped 70 percent in the nine-month period to P3.1 billion from P1.8 billion a year earlier, as it focused on operational efficiency and cost management across the business.
“Our continuing focus on operational efficiencies and cost management enabled us to drive performance despite market demand and inflationary challenges. We take pride in leading industry innovations with our new building solutions that help partners build better,” said Holcim Philippines president and chief executive Horis Adrian.
He said that Holcim made significant progress in strengthening sustainability of operations with organizational realignments and project milestones that improved the company’s environmental performance and social impact.
Net sales increased by 7 percent to P20.1 billion from P18.79 billion the same period last year on improved market recovery as seen in higher demand for construction materials which positively impacted the cement, aggregates and dry mix businesses.
Holcim said that it the third quarter, it was confronted with significant cost increases of fuel and power. Market demand was also impacted by inclement weather and control measures against the resurgence of COVID-19.
Holcim Philippines said it is sustaining its focus on operational excellence and cost discipline. The company recorded operating EBIT and net sales of P865.2 million and P6.5 billion, respectively.
Holcim Philippines continued to advance sustainability and innovation to drive performance. It recently renewed partnership with the University of the Philippines College of Engineering for an elective course that highlights the value of sustainability and inclusivity in building for development.
The company also inaugurated new storage and processing facilities in the Bulacan Plant that further strengthens its position as the industry frontrunner in using alternative fuels and raw materials in cement production.
The project raised the company’s geocycle unit’s capacity to store and shred materials such as qualified post-consumer and municipal solid wastes for conversion to alternative fuels through cement kiln co-processing.
Holcim launched the new Holcim AAC Block Adhesive for laying all types of autoclaved aerated concrete, bricks and various types of cement blocks.