The second-quarter profit of listed cement manufacturer Holcim Philippines Inc. jumped 34 percent on the back of higher sales and a strong upsurge of construction activities in the country.
In a media briefing held Monday, it was reported that the company’s profit for the second quarter of this year rose 34 percent to P1.62 billion, while its revenues for the period grew by 13 percent to P8.11 billion.
For the first half, Holcim Philippines revenues improved by 10.5 percent to P15.28 billion, while its net income surged by 50 percent to P3 billion.
According to the company, the hefty increase in its income and revenues was driven by increase in its sales volumes, improving operational efficiencies and sustained cost management.
Ed Sahagun, Holcim Philippines chief executive officer, further said that the company benefited from the robust construction nationwide due to the favorable weather conditions, early release of government funds for infrastructure, and elections spending.
“We see a continuing trend in construction activities—government is keen on sustaining infrastructure investments, and private construction is being driven by real demand,” he said.
Moreover, Sahagun said that Holcim Philippines is ready to take advantage of opportunities coming from future growth in cement demand with the reactivation of its one-million ton a year cement grinding facility in Mabini, Batangas, which is expected to start commercial operations this coming quarter.
In addition, Holcim Philippines said that preparations for a new production line in Bulacan are on track.