Trinidad Cement Ltd has announced that it will have a new CEO next month.
In a release the company said effective December 1, 2020 Francisco Aguilera Mendoza would replace current CEO, Jose Luis Seijo Gonzalez.
Aguilera Mendoza is also a member of the Board of Directors of the Company and currently serves as Deputy Chairman of TCL. He and will continue to serve in that capacity.
Meanwhile the company noted that Seijo Gonzalez held the lead position at TCL since May 2015. The statement indicated that he will take up a promotion within the group of companies that form a part of CEMEX, S.A.B. de C.V.
The TCL Group in its interim financial statements recorded revenue of $1.259 billion for the first 9 months of 2020, a 2 per cent decrease versus the comparable period of 2019.
Additionally, for the third quarter (Q3) of 2020, the TCL group recorded revenue of $483 million, a 17 per cent increase over Q3 2019. The group noted in its financial report that its cement sales volumes increased by 30 per cent in Jamaica, 20 per cent in Barbados and 3 per cent in T&T when compared to Q3 2019 as some COVID-19 restrictions were lifted by some governments.
The company also noted that its adjusted Earnings before Interest, Taxes, Depreciation and Amortisation (EBITDA) of $135 million in Q3 2020 reflected an increase of 66 per cent compared with Q3 2019.
It said: “This growth reflects the contribution of the new higher margin business segments in Trinidad and the positive impact of cost reduction strategies executed to stabilise our business in this period of uncertainty due to COVID-19.”
The company added that the impact of the ongoing COVID-19 pandemic on the economies in which it operates as well as the TCL Group is still uncertain.
It said: “While we believe we have seen the worst in terms of government mandated lockdown measures the short-term outlook for the business will depend on the trajectory of the outbreak as well as the depth of the economic slowdown and the timing of the recovery.”
Additionally, TCL said that the arrival of COVID-19 only adds to the challenges to its business that existed prior to the start of the pandemic in the region.
The company indicated that these include weak economic growth in many of its local economies over the last few years and imports of cement into the region.