Cement manufacturer Holcim Philippines reported a 24.2 percent growth in net income to P2.57 billion last year from P2.06 billion in 2020 on the back of operational efficiency and cost management.
In a disclosure to the Philippine Stock Exchange, the firm said earnings before interest and taxes (Operating EBIT) grew by 29.3 percent year-on-year to P3.6 billion.
Net Sales rose by 3.6 percent from the same period last year to P26.9 billion on improved volumes and prices given the modest recovery of construction activity.
In the fourth quarter of 2021, the Company’s performance was affected by softer market demand and higher costs of energy and fuel related to external developments.
Operating EBIT and Net Sales for this period reached P481.3 million and P6.8 billion, respectively.
“Despite market pressures brought by the pandemic, weather disturbances that impacted the continuity of construction activities, and surges in energy and fuel prices, our Company was able to deliver strong profit growth in 2021 from 2020,” Holcim Philippines President and CEO Horia Adrian said.
He added that, “We are excited to further raise performance and deliver more positive impact through strategies and initiatives anchored on cost mindfulness, operational excellence, innovation, and sustainability.”
“These are the foundations that enable us to continue growing profitably and contributing to the country’s development with our innovative building solutions and sustainability programs,” Adrian noted.
Holcim Philippines drove innovation and sustainability initiatives to further improve business performance and make operations more respectful to the environment and beneficial to society.
The firm also ramped up product innovations with the launch of the country’s first ever water-repellent cement and its most environment-friendly product with more than 30 percent lower carbon footprint than ordinary Portland cement.
Aside from commercial innovations, Holcim Philippines also accelerated its digitalization initiatives to boost operational efficiency and performance.