Cement maker Holcim Philippines Inc. reported that its net income jumped 81 percent to P909.35 million in the first quarter of 2021 from the P501.54 million earned in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm aid Earnings before Interest and Taxes (EBIT) for the first quarter of 2021 rose by 69 percent to P1.3 billion due to sustained cost management and operational improvements.
As construction activity is recovering at a slower pace, revenues declined 6 percent to P6.81 billion in the first three months of the year from P7.27 billion in the same period of 2020.
“We delivered an excellent performance in the first quarter due to our sustained focus on Health, Cost, and Cash,” said Holcim Philippines President Horia Adrian.
He added that, “Commercial excellence, operational efficiency and cost discipline were key drivers to our stronger profitability.”
According to Horia, Holcim “is committed to contributing to a healthy and sustainable growth of the construction industry in the Philippines. We continue to stay focused on our cost, operational discipline and providing customers with innovative products and solutions.”
To further protect its employees and business, the firm is implementing a voluntary COVID-19 vaccination program by the third quarter. Horia said “This will further bolster our resilience and help us sustain robust performance.”
Holcim said it is well prepared to address the challenges ahead by focusing on strong operational, cost discipline and building on innovation and digital solutions to deliver sustainable business results.