- Holcim Philippines cement sales rose as the robust construction in the country continued.
- The company awaits the elections with guarded optimism and looks forward to the government’s sustained investments in infrastructure.
Construction solutions company Holcim Philippines, Inc.’s cement sales surged in the first quarter on the back of strong market demand.
Holcim Philippines’s first quarter revenues jumped by 17.2% to Php10.1 billion from Php8.6 billion the previous year because of the robust construction in the country. This was driven by sustained roll out of private projects and higher state spending for infrastructure. The government allocated this year Php760 billion for infrastructure spending, equivalent to 5% of GDP.
On a year-on-year basis, operating EBITDA improved by 5.3% to Php 2.5 billion while net income was steady at Php1.5 billion despite scheduled maintenance of Holcim Philippines’s Luzon-based plants during the quarter.
Holcim Philippines President and Country CEO Eduardo A. Sahagun said the company’s first quarter performance was due to its ability to make supply available in the market on time due to its strong regional presence.
“Moving forward, we are cautiously optimistic as we await the results of the coming elections. Hopefully, the focus on infrastructure remains as this is much needed by the country to sustain its development,” he said.