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Carib Cement optimistic amidst new tourism projects in Jamaica Loop Jamaica

File photo shows an aerial view of Carib Cement’s facilities in Rockfort, Kingston.

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Caribbean Cement (Carib) which made $7.5 billion in revenue over three months to June, expects to benefit from construction projects.

The revenue grew 11.5 per cent when compared to the corresponding period a year earlier. Carib Cement said it continues to implement strategies to ensure the sustainability of its operations.

“The company remains optimistic about its financial position, buoyed by the large number of real estate developments slated to come on stream, especially in the parishes of Trelawny and St James, said Carib Cement.

Furthermore, recent pronouncements about the new high-end tourism developments in the eastern part of the island, which feature premium villas, augur well for the company, it added.

The company will continue to carry out its flagship concrete road solution programme, with several communities slated to benefit from the intervention in short order.

Meanwhile, over six months, Carib Cement made $14.3 billion in revenue or 5.6 per cent higher than a year ago. Profit totalled $2.45 billion or less than the $3.04 billion in 2022.

“Due to the impact of the high cost experienced from the scheduled annual maintenance exercise in the first quarter of 2023, the group’s operating earnings before other income and expenses was $3.6 billion, or 24.3 per cent lower than the $4.8 billion reported for the same six-month period in 2022,” said Carib Cement.