Caribbean Cement Posts Record 2025 Performance as Expansion Lifts Volumes

• Caribbean Cement Co Ltd (CCC) delivered its strongest financial performance on record in 2025, supported by higher cement volumes following the completion of a major capacity expansion, according to its ultimate parent Cemex.
• Cemex noted Jamaica posted record operating earnings before interest tax depreciation and amortization (EBITDA) during the year, with cement volumes rising by seven per cent, driven mainly by tourism-related construction and residential self-build activity. The performance reflects the benefits of CCC’s US$42Mn kiln debottlenecking project, completed in Q3 2025, which has enabled the substitution of lower-margin cement imports with higher-value local production.
• CCC’s results stood out within Cemex’s South, Central America and Caribbean segment, where the Caribbean sub-region accounted for 39 per cent of segment EBITDA in 2025. CCC reached peak production levels in July and resumed cement exports later in the year, including shipments to Curaçao.
• Cemex reported that while hurricane damage and maintenance costs dragged down some areas, overall regional cement volumes grew by 2% in 2025.
• Despite a projected short-term recession following Hurricane Melissa (US$8.80Bn in damage), Jamaica’s transition to large-scale reconstruction is expected to drive sustained cement demand.
• The scale of destruction is likely to influence both households and the government to prioritise more resilient, weather-resistant construction methods, many of which require greater use of concrete. This structural shift in rebuilding preferences should underpin sustained cement demand, even amid competition from lower-cost alternatives such as lumber and zinc. CCC is strategically positioned to capitalise on this demand dynamic. Its recent Kiln expansion has enhanced production capacity and improved operational efficiency, enabling the company to adequately supply elevated domestic requirements while maintaining flexibility to pursue additional growth opportunities.
• Beyond the local market, CARICOM exports remain significantly underpenetrated, contributing less than 1% of total revenue in 2024. Management’s stated intention to expand into select regional markets presents a medium-term growth lever, particularly once domestic rebuilding demand begins to normalise.
• Key downside risks to the growth outlook include substitution toward lower-cost building materials, the potential issuance of additional cement import licences to competitors, and exposure to foreign exchange volatility. CCC’s audited standalone results are due for release on March 1.
• CCC's stock price has increased by 11.1% since the start of the year to close at $113.00 on Tuesday, February 10, 2026. At this price, its trade at a P/E16.4x, which is above the Main Market Energy, Industrials and Materials Sector

(Sources: Cemnet & NCBCM Research)