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Holcim profit rose 8.7% to P3.3B in H1

The country’s leading cement maker Holcim Philippines grew its first-half net profit by 8.7 percent year-on-year to P3.32 billion, as local construction activities went into full swing during the summer months.

For the second quarter alone, Holcim’s net profit rose by 1.85 percent year-on-year to P1.65 billion, supported by record-high sales, based on a regulatory filing on Monday.

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Holcim sold about 47 million cement bags in the second quarter, bringing the six-month volume to 92 million versus 84 million bags in the same period last year, said Holcim chief executive officer Eduardo Sahagun.

Last year, Holcim sold 159 million cement bags, equivalent to an average of 13 million bags per month.

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For the first semester of this year, the company sold an average of 15 million cement bags per month.

Sahagun said the company was on track with the full-year guidance of 8 percent growth in sales volume.

On the other hand, the slower net profit growth in the second quarter was due to the increase in operating costs of Holcim’s two plants in Mindanao, in turn arising from higher power costs, Sahagun said.

Nevertheless, the company reported that strong sales continued in the second quarter due to robust demand from bustling construction activities nationwide.

In terms of revenues, second quarter earnings grew by 8.5 percent year-on-year to P8.81 billion as construction gained momentum, particularly in the Visayas due to the ongoing post-calamity reconstruction.

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TAGS: Business, cement industry, Holcim Philippines, profitability
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