Clax­ton Bay-based Trinidad Ce­ment Lim­it­ed (TCL) yes­ter­day re­port­ed net in­come of $159.6 mil­lion for the nine months end­ed Sep­tem­ber 30, 2025, a 24.2 per cent de­cline com­pared to the $210.6 mil­lion the ce­ment man­u­fac­tur­er earned for the same pe­ri­od in 2024.

In ex­plain­ing the de­cline in TCL’s net in­come, the com­pa­ny’s chair­man David In­gle­field and man­ag­ing di­rec­tor, Fran­cis­co Aguil­era Men­doza, said the per­for­mance was “main­ly due to low­er sales in Trinidad and To­ba­go and in­creased ex­pens­es from fixed as­sets im­pair­ment; re­struc­tur­ing costs in Bar­ba­dos fol­low­ing changes to the busi­ness mod­el in Q2 2025, and sev­er­ance pay­ments in Q3 2025.”

The com­pa­ny said its op­er­at­ing earn­ings be­fore oth­er ex­pens­es and oth­er in­come and cred­its in­creased by 8 per cent year-over year to $374 mil­lion.,

“Ap­prox­i­mate­ly 79% of year-to-date op­er­a­tive prof­its was at­trib­ut­able to our op­er­a­tion in Ja­maica that con­tin­ues to de­liv­er a strong per­for­mance. Guyana’s record­ed op­er­a­tive prof­it in­creased by over 200 per cent com­pared to last year main­ly due to high­er vol­umes.” TCL said.

TCL, which op­er­ates through­out the re­gion, record­ed rev­enue of $1.85 bil­lion for the pe­ri­od Jan­u­ary 1 to Sep­tem­ber 30, 2025, which was an in­crease of 8.7 per cent com­pared to the pre­vi­ous.

The com­pa­ny post­ed $608 mil­lion in con­sol­i­dat­ed rev­enue in its third quar­ter, a 16 per cent year-on-year in­crease pow­ered by strong sales in Ja­maica and Guyana.

While do­mes­tic sales in Trinidad & To­ba­go soft­ened, favourable pric­ing across the re­gion helped off­set the dip, un­der­scor­ing the group’s strate­gic agili­ty.

In­gle­field and Men­doza cred­it­ed the surge to ef­fec­tive cost op­ti­mi­sa­tion and a re­struc­tur­ing pro­gramme rolled out ear­li­er this year.

They said op­er­at­ing earn­ings be­fore oth­er ex­pens­es and cred­its soared 169 per cent to $171 mil­lion, with Ja­maica con­tribut­ing 88 per cent of the up­lift. T&T, Guyana, and Bar­ba­dos each added four per cent, re­flect­ing broad­er re­gion­al mo­men­tum. Last year’s re­sults were damp­ened by Hur­ri­cane Beryl and se­vere weath­er in Ja­maica, mak­ing this year’s re­bound even more no­table, they not­ed.

Net in­come for the quar­ter more than dou­bled to $86 mil­lion, up from $35 mil­lion in Q3 2024.

Op­er­at­ing cash flow reached $101 mil­lion, with $42 mil­lion in­vest­ed in cap­i­tal projects, in­clud­ing main­te­nance and strate­gic up­grades in Ja­maica and Trinidad.
TCL al­so re­port­ed a $39 mil­lion re­duc­tion in loan fa­cil­i­ties, sig­nalling im­proved fi­nan­cial dis­ci­pline. Div­i­dends to­talling $64 mil­lion were de­clared and dis­trib­uted to share­hold­ers.

On the sus­tain­abil­i­ty front, CO2 emis­sions fell 7 per cent in Ja­maica fol­low­ing the com­mis­sion­ing of a kiln de­bot­tle­neck­ing project in Ju­ly. Trinidad al­so saw a mod­est 0.4 per cent re­duc­tion, re­in­forc­ing TCL’s com­mit­ment to its Ze­ro4Life de­car­bon­i­sa­tion strat­e­gy.

Look­ing ahead, the TCL di­rec­tors said the com­pa­ny is ad­vanc­ing its re­gion­al ex­pan­sion plans. CC­CL re­sumed ex­ports in Sep­tem­ber and is prepar­ing for bulk ce­ment ex­ports start­ing in March 2026. Bar­ba­dos, now op­er­at­ing as a dis­tri­b­u­tion cen­tre, is show­ing pos­i­tive EBIT­DA and im­proved free cash flow.

“With pro­jec­tions point­ing to record full-year EBIT­DA, TCL re­mains the on­ly in­te­grat­ed ce­ment man­u­fac­tur­er in Cari­com and is dou­bling down on strate­gic growth, op­er­a­tional ex­cel­lence, and share­hold­er val­ue,” the chair­man added.