Building solutions firm Holcim Philippines Inc.’s net income soared 105 percent for the first nine months of 2023 to P999.4 million from P487.9 million recorded in the same period last year.

However, its net sales decreased by four percent to P18.4 billion from P19.1 billion last year due to low market demand for cement, brought by slow construction activities and inclement weather.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said its “revenue diversification strategy is delivering results, as the aggregates business continued its solid contribution due to improved price and volume from last year, while the dry mix business recorded net sales growth.”

The firm’s operating earnings before income and tax (EBIT) this year was maintained at around P1.4 billion from last year, which the firm attributed to optimized manufacturing and logistics operations, increased usage of alternative fuel and raw materials, and the sustained shift to low-carbon cements.

Operating EBITDA, including depreciation and amortization, also dipped by five percent to P2.6 billion this year from P2.7 billion last year.

Holcim Philippines President and CEO Horia Adrian said sustainability and innovation were the key drivers of the company’s performance.

These sustainable practices include “decarbonizing operations, conserving natural resources through circularity” while innovation initiatives are in terms of “digitalization for efficiency and enhanced customer service.”

“Along with greater engagements with key stakeholders, we strengthened our company’s ability to adapt to a very dynamic market and we are prepared to capture opportunities once the market improves,” said Adrian.

“We are ready to support the government's plan to promote the use of locally-manufactured materials in infrastructure projects with our reliable supply of high-performance and low-carbon cements and other innovative building products and solutions. These will help us accelerate green growth and help the country build better,” he added.