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TCL makes $67.3m in post-tax profit
For the year 2013, Trinidad Cement Ltd Group recorded a notable improvement in its financial performance with earnings before Interest, tax, depreciation and amortisation (EBITDA) increasing by $268.9 million, or 174 per cent, to $423.4 million. This reflects a margin of 21.8 per cent compared with the previous year margin of 9.6 per cent, the company’s results stated. The improvement resulted from increases in key operating metrics with domestic cement sales volumes increasing by
13 per cent (especially in Trinidad and Jamaica), a 22 per cent increase in cement export volumes and a 15 per cent increase in clinker production. The higher sales volumes resulted in Group revenue increasing by $325 million or 20 per cent compared with 2012. For the year 2013, the Group is reporting a profit after tax of $67.3 million compared with a Loss after tax of $388.2 million for 2012. The results for 2013 also benefited from lower depreciation, impairment charges, finance costs and a deferred tax credit compared with 2012.
“The Group’s financial position and liquidity continued to strengthen over 2013 with all loan payments being made and financial ratio covenants being achieved in accordance with the debt restructuring agreement. “For the fourth quarter ended December 2013, revenue increased by $50.5 million, or 13 per cent, over the fourth quarter of 2012, while EBITDA improved by $41.3 million, or 116 per cent, compared to the corresponding 2012 period.
“However, the final quarter of 2013 was negatively impacted by lower sales volumes compared to the average of the prior three quarters as well as production challenges at the Barbados plant. “Critical repairs at the Barbados plant have been completed while local demand is in line with our expectation and exports are being made to the buoyant Guyana market and others.
“Demand in Jamaica in the first two months of 2014 was slower than 2013 but growth is forecast for the economy in 2014, which tends to benefit the construction sector. The plant in Jamaica will fulfil the remainder of its 100k tonnes Venezuela supply contract and negotiations have commenced for a new contract to supply 240k tonnes over 12 months.
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