TCL profits increase for 2024

Higher sales and reduced costs were some of the factors that contributed to Trinidad Cement Ltd (TCL) reporting $216 million in profits after tax.

In its consolidated financial report for the year ending December 31, 2024, TCL's performance showed an increase of $45.9 million in profits, going from $170.1 million in 2023 to $216 million in 2024.

TCL also reported $2.2 billion in revenue for the year, one per cent less than revenues from 2023.

After administrative and other expenses, it reported $304 million in operating earnings, up from $295 million for the same period the year before.

The company saw a profit before tax of $268.5 million for the year, as compared to $247.2 million the year before.

Chairman David G Inglefield and managing director Francisco Aguilera Mendoza, in the director’s remarks, said revenues declined during the year because of a reduction in sales in some domestic markets.

"Severe weather in Jamaica led to a five per cent decrease, while Barbados also experienced lower volumes," the director's remarks said.

However, the reduction in sales volumes in the region was offset by a two per cent increase in sales in TT.

TCL said while operational improvements in Barbados and better performance in Guyana were recorded, Jamaica continues to account for 85 per cent of its operational earnings.

"The TCL Group has delivered another solid performance despite ongoing challenges in an unpredictable environment," the directors said in the remarks.

The directors expressed high hopes for projects in Jamaica set to be completed in the middle of 2025.

In TT, the company plans to implement projects to reduce carbon emissions and optimise export capacity.

"Given the significant changes in our operating model, we are committed to the Barbados market and see potential value for the country beyond the continued supply of cement.

"Guyana is our fastest-growing market, and we aim to fully capitalise on this expansion. Our dedication to Guyana remains as strong as when we first invested ahead of competitors 20 years ago," TCL said.