Caribbean Cement sees increase in profit

Caribbean Cement 's profit for 2020 rose by more than one billion dollars as the local construction sector remained buoyant amid the covid-19 pandemic.

During the twelve months, Caribbean Cement recorded 3-point-1 billion dollars consolidated net income up from $1.8 billion  in 2019.

Revenue was $2.3 billion  higher at $20.1 billion.

Caribbean Cement says the increase in revenue was related to stronger domestic demand and the company's capacity to supply the local market.

The Planning Institute of  Jamaica recently reported that the construction sector grew 6.2 per cent during the October to December period.

 Meanwhile, revenue and profit at Fosrich Company also rose during its 2020 financial year.

The company's turnover was $283 million dollars higher at $1.89.

Total comprehensive income was up nearly $19 million at $125 million  

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