The Laguindingan Airport Development Project and the Cagayan de Oro Port Expansion Project have helped Holcim Philippines Inc.’s profits to grow ninefold in the third quarter of the year, a traditionally weak season for the local cement industry due to rainy months.
In a statement, Holcim said its net income reached P855 million from July to September, a huge jump from the P97 million recorded in the same period last year.
This brought the company’s profits for the first 9 months of the year to P2.8 billion, more than double last year’s P1.3 billion.
Revenues also grew to P5.5 billion during the third quarter from last year’s P4.2 billion. As of end-September, Holcim’s revenues reached P17 billion, representing a 23% year-on-year growth.
Holcim attributed its higher sales to stronger demand for cement for housing, tourism, outsourcing, and government infrastructure projects.
Across regions, Holcim Philippines Chief Operating Officer Ian Thackwray said Mindanao posted an “exceptional” growth in demand.
Aside from LADP and CDO Port, other government projects using Holcim products are the major roads and bridges in Davao Oriental, Maguindanao, and Agusan del Norte.
“Infrastructure is key to economic development and it is heartening to see that Mindanao is getting much-needed support in this area. We will continue to support government’s push to promote sustainable growth in Mindanao through efficient supply, availability and on-site delivery,” Thackwray said.