Holcim delivers resilient results in Q3 with focus on sustainability and efficiency

  • Holcim Philippines delivered resilient Net Income of Php 999.4 million from January to September and in Q3 with continued focus on sustainability and efficiency; the previous year was also impacted by a one-time cost
  • Net sales were impacted by a slowdown in the cement business, mitigated by accelerating revenue diversification
  • Sustainability achievements on the use of alternative fuels, digitalization and water resource management won two prizes in the 2023 Europa Awards

Horia Adrian, President and CEO of Holcim Philippines: “Sustainability and innovation were key drivers of our performance. Our positive results were bolstered by focus on decarbonizing operations, conserving natural resources through circularity and embracing digitalization for efficiency and enhanced customer service."

“Along with greater engagements with key stakeholders, we strengthened our company’s ability to adapt to a very dynamic market and we are prepared to capture opportunities once the market improves. We are ready to support the government's plan to promote the use of locally-manufactured materials in infrastructure projects with our reliable supply of high-performance and low-carbon cements and other innovative building products and solutions. These will help us accelerate green growth and help the country build better.”


Holcim Philippines’s net sales dipped by 4% to Php 18.4 billion with the cement business affected by lower market demand driven by slow construction activities and inclement weather conditions.

Still, the Company’s revenue diversification strategy in line with its transformation into a building solutions provider is delivering results. The aggregates business continued its solid contribution due to improved price and volume from last year, while the dry mix business recorded net sales growth.

The Company’s focus on sustainability and innovation is contributing not only to lowering carbon emissions but also to improving financial performance. Optimized manufacturing and logistics operations, increased usage of alternative fuel and raw materials, and the sustained shift to low-carbon cements helped the Company maintain its Operating EBIT margin and deliver an Operating EBIT of Php 1.4 billion from January to September 2023. Net Income for the period, meanwhile, reached Php 999.4 million.


Net Sales declined by 21% year-on-year to Php 5.5 billion. Continuing operational efficiencies and cost savings enabled the Company to deliver resilient results with Operating EBIT of 202.5 million and Net Income of Php 164.3 million in the third quarter.


As the country’s leading building solutions provider, Holcim Philippines has introduced a number of programs to drive business results and positive impact anchored on sustainability and innovation. As of the third quarter, blended cements accounted for 75% of volumes and revenues as part of its decarbonization drive.

The Company has also increased circularity in its operations, using close to 800,000 tons of wasted materials as alternative fuel and raw material in the first nine months of the year. Holcim Philippines’ success in these areas earned it the top prizes in the Digitalization for Sustainability and Water Resource Management categories as well as made it a finalist in the Waste Management category of the 2023 Europa Awards. Organized by the European Chamber of Commerce of the Philippines, the Europa Awards recognizes companies for exceptional performance and contributions in promoting sustainability in line with the United Nations’ Sustainable Development Goals (SDG) and the Philippine Development Plan.

Furthermore, Holcim Philippines sealed a partnership with the Construction Industry Authority of the Philippines (CIAP) in October to support the government’s ambition to make the building sector a more impactful partner in the implementation of the Philippine Construction Industry Roadmap 2020-2030. Under the partnership, both organizations will explore areas of collaboration particularly on capacity-building for construction workers and policy reform for greater adoption of more innovative, circular, biodiversity-sensitive, and climate-resilient solutions for the built environment. 

Finally, the company launched on Sept. 7 a disaster resilient home improvement program with non-profit social innovator Build Change and microfinance institution Alalay sa Kaunlaran Foundation, Inc. (ASKI). The program, dubbed “Matibay na Bahay para sa Mas Ligtas na Buhay”, enables low-income families to access loans from ASKI, strengthen their homes using the engineering design of Build Change and build with Holcim’s high-performance and low-carbon products.

The program will strengthen an initial 28 houses in Aurora, create 100 jobs, and train 1,500 people on building climate-resilient homes. These initiatives are strongly aligned with the call of President Ferdinand Marcos, Jr. to prioritize locally-produced building materials for government infrastructure projects and promote a more sustainable economic growth and development.



Nine Months

Third Quarter

 January to September 2023January to September 2022July to September 2023July to September 2022
Net SalesPhp 18,389,679Php 19,111,687Php 5,490,069Php 6,941,356
Operating EBITDAPhp 2,611, 950Php 2,741,391Php 609,726Php 987,939
Operating EBIT Php 1,396,823Php 1,145,672Php 202,468Php 569,155
Net ProfitPhp 999,447Php 487,997Php 164,333Php (173,467)