Carib Cement to increase production capacity up to 30% Loop Jamaica

Black Immigrant Daily News

Caribbean Cement Company (Carib Cement) has announced a project to expand its production capacity up to 30 per cent.

Cemex, Carib Cement’s parent company, will invest US$40 million ($6 billion) in phase one of the project.

This increase in capacity should be completed by the second half of 2024.

Speaking at the official groundbreaking ceremony on Wednesday, CEMEX CEO Fernando Gonzalez disclosed that Carib Cement is in the final stages of the engineering phase and is obtaining permits from the local authorities.

“Very soon we will begin to procure the equipment needed for this initial phase of the project, that will not only expand our capacity, but also allow us to optimize our heat consumption in the manufacturing process, and therefore, reduce the carbon footprint of our facility in Jamaica,” said Gonzalez.

The expansion is expected to strengthen the self-sufficiency of the local cement industry and the export market.

“Carib Cement has been a part of the fabric of this country for a long time and has been playing its part in ensuring that the booming construction sector continues to be supported,” Gonzalez added.

Wednesday’s groundbreaking ceremony at Carib Cement’s facilities in Rockfort, Kingston, also saw the Cemex CEO unveil a mural to commemorate the 60th anniversary of Jamaica’s independence.

The local cement producer reported stable earnings in its latest financial report.

Its unaudited earnings report shows the company reporting a six per cent increase in revenue for the three months ended June 2022, up to $6.7 billion.

Due to the impact of higher operational costs, operation earnings totalled $2 billion, nine per cent lower than the $2.2 billion reported in 2021.

Overall net income for the quarter decreased to $1.5 billion, a seven per cent reduction over the corresponding period in 2021.

Carib Cement recently made a dividend payout of J$ 1.5032 per share to shareholders on August 15, 2022, the first in 17 years.

It described the payout as the start of a sustainable dividend programme that would provide stable returns to shareholders.

Carib Cement also said the introduction of a dividend reflects the strong operating results and turnaround that the company has experienced over the last years.

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