CEMENT MANUFACTURER HOLCIM Philippines said its net profit for the first nine months of the year more than doubled over a year ago as cement sales defied the seasonal downturn during the wet season.

Net income for the third quarter reached P855 million, almost nine times more than the P97 million posted a year ago. This brought the net income for the first nine months to P2.8 billion, up from P1.3 billion last year.

Third quarter revenue grew by 30 percent over a year ago to P5.5 billion.

Industry demand grew at a monthly average of 18 percent. While this was primarily driven by the government’s infrastructure activities, the private sector also kept pace with numerous projects involving residential housing, tourism and business process outsourcing, the company said.

Holcim’s revenue for the first nine months reached P17 billion, up by 23 percent from last year. Core cash flow as measured by earnings before interest, taxes, depreciation, and amortization (Ebitda) rose by 60 percent to P5.8 billion year on year.

With further improvements in net working capital, the company generated P5.8 billion in cash flow from operating activities.

While demand for cement grew across all regions, it was Mindanao that posted exceptional growth. Holcim enjoys strategic advantage in this region, having cement plants in Davao City and Lugait, Misamis Oriental.

Among the biggest government projects using Holcim products are the Lagundingan airport, Cagayan de Oro port, and major roads and bridges in Davao Oriental, Maguindanao and Agusan del Norte.

The company expects demand to remain strong until the end of the year.