Trinidad Cement Limited

What it is

Trinidad Cement Limited was incorporated in 1951 and is headquartered at Southern Main Road, Claxton Bay, Trinidad & Tobago — with 70 years of cement manufacturing excellence reached in June 2024.

Together with its subsidiaries, TCL manufactures and sells cement, ready-mix concrete, and aggregates across Trinidad & Tobago, Jamaica, Barbados, Guyana, and the OECS islands. Its three business lines are Cement, Concrete, and Packaging, with geographic reach across Trinidad & Tobago, Jamaica, Barbados, and Guyana.

Subsidiaries include Readymix (West Indies) Limited, Caribbean Cement Company Limited (Jamaica), Arawak Cement Company Limited (Barbados), TCL Guyana Inc., and TCL (Grenada) Limited, among others. The company also runs Construrama hardware stores, offering a wide portfolio of construction products.

Who owns it

CEMEX, the Mexican global cement giant, owns 69.83% of TCL through its corporate chain via Cemex España, S.A., as of December 31, 2024. TCL’s shares trade on the Trinidad & Tobago Stock Exchange, and as of December 31, 2024, the non-controlling interest — the free float held by public shareholders — stood at 30.17%.

CEMEX took majority control through its subsidiary Sierra Trading, which executed a takeover in 2017 acquiring approximately 114 million additional shares at a cost of US$86 million. The remaining ~30% free float is held by Caribbean retail and institutional investors, traded daily on the TTSE.

Who runs it

The board is chaired by Mr. David G. Inglefield, with Mr. Jose Antonio Cabrera Guerra as Deputy Chairman.

The Managing Director — effectively CEO — is Mr. Francisco Aguilera Mendoza.

Mr. Francisco Aguilera Mendoza replaced Mr. Jose Luis Seijo Gonzalez as Chief Executive Officer of Trinidad Cement Limited, effective December 1, 2020. A CFO is not separately disclosed in available sources; the company secretary is Mrs. Denise Michelle Roopnarinesingh.

The money, in plain words

In the year ended December 31, 2024, TCL earned TT$216 million (US$216 mn) in profit after tax — up TT$45.9 million (US$46 mn) from TT$170.1 million (US$170 mn) in 2023 — on revenue of TT$2.2 billion (US$2.2 bn), which was 1% lower than the year before. For every TT$100 (US$100)of sales, TCL kept about TT$9.80 (US$10)as profit — a net margin of 9.8% (our calculation), solid for a capital-heavy cement producer.

The group’s core operating earnings — before one-off items — rose 13% from TT$384 million (US$384 mn) to TT$433 million (US$433 mn) in 2024, reflecting the impact of a restructured business model in Barbados and improved volumes in Trinidad & Tobago. Return on equity was approximately 8.5%: for every TT$100 (US$100)shareholders have in the business, it earned about TT$8.50 (US$8)a year.

At a price-to-earnings ratio of roughly 3.4× (our calculation), TCL trades at a deep discount to global cement peers — the market is pricing in execution risk and recent headwinds rather than the 2024 profit recovery. The stock pays an annual dividend of TT$0.12 (US$0.12)per share, a dividend yield of approximately 7.5% at recent prices.

The 2025 full year told a harder story: TCL’s revenue for 2025 was US$104 million — a 7% increase year-on-year — but net income fell sharply to US$4 million from US$9.4 million in 2024, hit by a market contraction exceeding 10% in Trinidad & Tobago and the entry of cement imports into that market.

What it is doing now

The biggest recent development: TCL’s Jamaican subsidiary, Caribbean Cement Company Limited (CCCL), successfully commissioned its US$42 million capacity-expansion project at its Rockfort facility in East Kingston. The project lifted clinker-making capacity at the kiln to 2,850 metric tonnes per day — raising Jamaica’s annual output ceiling toward 1.3 million tonnes.

In Trinidad & Tobago, the government moved to cut the import duty on cement to zero following TCL’s fifth price increase since 2021, and had already suspended its cement quota system in February 2024 — opening the home market to competition for the first time in years. In Barbados, TCL has restructured Arawak Cement, halting clinker production at the St.

Lucy plant and reducing its workforce accordingly.

What to watch

• T&T import competition: the home market, historically protected, now faces duty-free rivals; TCL’s domestic pricing power — the engine of past margins — is directly threatened.
• Jamaica upside vs. hurricane risk: the Rockfort kiln was commissioned in April–May 2025 and “significantly improved operational efficiency,” but Hurricane Melissa struck in October 2025, causing temporary disruptions.
• Guyana growth: management calls Guyana its “fastest-growing market” and aims to fully capitalise on expansion there — the oil boom is fuelling construction at pace.
• CEMEX royalty creep: the intellectual property fee paid to CEMEX rose from 2.0% to 3.0% of consolidated net sales in 2025, with a shareholder-approved ceiling of 4.0% — a quiet drag on minority shareholders’ returns.
• Valuation gap: TCL’s net profit margins have compressed from 6.9% the prior year to 1.5% on a trailing twelve-month basis (reflecting Q1 2026 one-off losses); a recovery in T&T volumes could re-rate the stock from its unusually low P/E.

This is news, not investment advice.