In the fourth quarter last year, HOLCIM PHILIPPINES, Inc. posted a net profit of P1,04 billion, down 39.4 percent from a year ago with a major revenue fall in cement manufacturing.
It announced a fall of 26.2 percent in net revenue from previously P9.81 billion to P7.24 billion in a regulatory document released on Monday.
In the fourth quarter, the company’s earnings before interest, tax, depreciation and depreciation (EBITDA) declined by 38.6 percent from P2.49 billion in 2019 to P1.53 billion.
Overall, net profit declined by 42.5% to P2.07 billion over previous year’s figure P3.59 billion, down 22.3% to P26.02 billion over the previous year’s net revenues of P33.49 billion.
“The company further impacted the locks in the fourth quarter from March to May and harsh weather conditions. The availability of raw material and facilities to manufacturing sites and retail distribution to our consumers have been disrupted,” Holcim Philippines said.
Comprehensive attributable total earnings for 2020 decreased from P2,5 billion by 25,5 percent to P1,86 billion.
The corporation said that revenues and investments were rationalized to hold the firm floating in the wake of the health crisis.
The secret to the Company’s “resilient 2020 success” is its emphasis on fitness, cash and costs, says John Stull, President and Chief Executive Officer of Holcim Philippines.
“They have increased organizational performance and sustainability. We have also launched innovative construction solutions and improved digital platforms for customer support,” he added.
Distribution costs for Holcim Philippines have declined 18%, as deliveries have risen and pick-up revenues have improved.
The group announced also that its fuel and electricity costs were declining globally.
Their emphasis was also on their online channels. The number of orders and payments registered by consumers under the Easybuild consumer portal. E-Konekta has rendered valuable contributions to the success of the company in 2020.
“These enhancements allow us ready with our devoted staff and committed business associates to support us reach quicker recovery and provide all the stakeholders with a high valuation,” said Stull.
The business aims at sustaining its achievements through its latest cost control and productivity enhancements.
It is also expected to spend $121.5 million in its cement production facility in Bulacan by 2022 to expand the usage of renewable fuels and raw materials.
The company’s stock exchange shares on the Monday rose by 0.65% to P6.23 percent.