Trinidad Cement Limited

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What it is

Trinidad Cement Limited, together with its subsidiaries, manufactures and sells cement, ready-mix concrete, and aggregates in Trinidad and Tobago, Jamaica, Barbados, Guyana, and the OECS Islands. Its products include standard and premium construction cement as well as a specialist Class G oilwell cement used in offshore drilling, sold across three business segments: Cement, Concrete, and Packaging.

The company was incorporated in 1951, and the 2023 annual report noted it celebrated 70 years of cement manufacturing excellence in June 2024, placing the start of actual production at the Claxton Bay plant around 1954. TCL also runs Construrama hardware stores, offering a wide portfolio of construction products.

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Who owns it

As of December 31, 2024, CEMEX España, S.A. — the Spanish arm of the Mexican construction-materials giant CEMEX — holds 69.83% of Trinidad Cement Limited, a stake assembled through its subsidiary Sierra Trading after a contested takeover bid completed in 2017. Sierra Trading increased its shareholding to 69.83% following the close of that takeover bid; it had made its initial offer in early December 2016.

The remaining roughly 30% free float trades on the Trinidad and Tobago, Jamaica, and Barbados stock exchanges. Trinidad Cement Limited operates as a subsidiary of CEMEX España, S.A., giving CEMEX full operational and strategic control while keeping TCL as an independent listed vehicle for Caribbean investors.

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Who runs it

Chairman David G. Inglefield and Managing Director Francisco Aguilera Mendoza jointly sign TCL’s director statements.

Mr. Aguilera Mendoza became Chief Executive (Managing Director) of Trinidad Cement Limited effective December 1, 2020, joining from within the wider CEMEX group. A Chief Financial Officer is not disclosed by name in available primary sources.

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The money, in plain words

For the year ended December 31, 2024, TCL reported revenue of TTD 2.2 billion (USD 327.9m) — marginally lower than 2023 — while net profit after tax rose by TTD 45.9 million, from TTD 170.1 million to TTD 216 million. In other words, for every TTD 100 of sales, the group kept about TTD 9.80 in net profit — a net profit margin of 9.8% (our calculation), a solid result for a capital-heavy cement business.

Operating earnings before other items climbed from TTD 384 million in 2023 to TTD 433 million in 2024, a 13% increase. The group also generated TTD 649 million in cash from operating activities in 2024 — an 87% increase compared to 2023 — meaning the business threw off roughly USD 96m in operating cash, a notably strong conversion of profit into real money.

The stock trades at a price-to-earnings ratio of roughly 5.9 times earnings, below the regional building-materials average of about 7 times, suggesting the market is cautious rather than excited.

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What it is doing now

By board resolution of April 15, 2025, TCL authorised a further overhaul of its Barbados subsidiary Arawak Cement Company Limited (ACCL): having already converted from clinker production to cement grinding in 2023, ACCL has now stepped back again — from May 1, 2025, it focuses solely on distributing cement to the Barbados market rather than manufacturing it. The transition triggered impairment and severance charges that pushed TCL into a small net loss in the second quarter of 2025.

In Jamaica, Caribbean Cement — TCL’s majority-owned subsidiary — successfully commissioned a kiln debottleneck project in June 2025 after an TTD 84 million upgrade that increased kiln capacity by 15%. Guyana is described by management as TCL’s fastest-growing market, with ambitions to fully capitalise on the country’s construction expansion.

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What to watch

• Barbados drag vs. Guyana tailwind: restructuring costs in Barbados are real and near-term; Guyana’s oil-boom construction pipeline is the growth lever management is betting on.
• TT government cement policy: the Trinidad & Tobago government moved to cut import duty on cement to 0% following TCL’s fifth price increase since 2021 — any further tariff liberalisation could intensify competition in TCL’s home market.
• CEMEX divestiture risk: CEMEX is actively rationalising its portfolio globally; any decision to sell its 69.83% stake would be the defining event for TCL shareholders.
• Cash-to-profit gap closing: the 87% surge in operating cash flow in 2024 versus more modest profit growth is a positive sign, but needs to persist to justify re-rating the shares above the current low 5.9× P/E.

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This is news, not investment advice.