ARAWAK CEMENT RECORDS GROWTH IN 2015
Arawak Cement Company Limited has said that although 2015 was a very challenging year, it was also one of growth. This was concluded at the company’s 32nd annual general meeting held recently at the St. Lucy-based plant.
In spite of competition in its local and export markets, the company’s 2015 performance has been very encouraging. Among its several achievements has been an increase in its earnings before interest, tax, depreciation and amortization (EBITDA), improved operational efficiencies and a 20% increase in exports when compared to 2014.
“The year has been a clear example of transforming challenges into opportunities and we are pleased by the performance of the ‘new‘ Arawak! Our 2015 achievement is the direct result of a combination of strategic initiatives and an adherence to the core objectives of sustainability and competitiveness as our driving force.”
He went on to say that the company’s success was also driven by steady stakeholder backing. “We are indeed appreciative of the combined support of our employees, representative trade unions, distributors, consumers, bankers and industry captains without whom we would not have been able to accomplish what we did“.
Although harsh measures also had to be taken, they were necessary for Arawak to become competitive. According to the company’s recently appointed General Manager – Manuel Toro, as part of its new strategy, Arawak is even more committed to expanding its business in the local construction sector. He said, “At Arawak, we are focused on adding value to the construction industry and are currently considering diversification and the opening of new business lines.”
Always comfortably able to reliably supply Barbados’ full cement demand, the company is also leveraging the advantage of installed capacity and has embarked on an aggressive export programme, targeting doubled revenue from exports in under two years… the outcome of which, will include increased tax contributions and foreign currency for the Barbados economy.
Now in its 35th year of operation, Arawak is proud to be a contributor to the growth, development and stability of Barbados and feels duty-bound as a major player within the construction arena, to continue its role of not just stimulating economic activity but contributing to the country’s national development goals through its relevant corporate social responsibility programmes.