However, the company’s net income over the same period slumped by 25% to PHP 868mn ($16.24mn), compared to the same three months of 2017.
On a six-month basis, Holcim Philippines’ net income dropped by 25% to PHP 1.57bn ($29.38mn), with operating EBITDA also lower by 24% to PHP 2.77bn ($51.84mn). In contrast, revenues rose 7.78% to PHP 18.75bn ($350.9mn).
“Our Q2 performance showed encouraging trends which translated into significant sales growth on the back of strong building activity,” Holcim president and chief executive officer John Stull said in a statement.
“However, rising costs of fuel, power and distribution combined with the peso’s depreciation against the US dollar and tighter competition continued to impact our business performance in the second quarter,” he added.
Stull said there were “many opportunities” for Holcim Philippines, given the robust building activity throughout the country. He said this had been seen in the company’s substantial sales growth in Q2 2018.
Despite declining net income, the company will continue implementing projects to expand its capacity by two million tonnes, in order to reach 12 million tonnes by 2019.
Holcim Philippines’ cement manufacturing facilities are located in La Union, Bulacan, Misamis Oriental, and Davao.
