The TCL Group has record­ed con­sol­i­dat­ed rev­enue of $534 mil­lion dur­ing the sec­ond quar­ter of 2022.

In the com­pa­ny’s Q2 fi­nan­cial state­ment, which was post­ed on the T&T Stock Ex­change, Chair­man David In­gle­field said this rep­re­sent­ed a 20 per cent in­crease when com­pared to the sec­ond quar­ter of 2021.

He ex­plained rev­enue for the quar­ter was pos­i­tive­ly im­pact­ed by in­creased ce­ment sales in T&T, where there was a se­vere lock­down dur­ing this pe­ri­od in 2021, and al­so due to price in­creas­es im­ple­ment­ed in most mar­kets ear­li­er this year.

The re­port al­so not­ed that on a year-to-date ba­sis, the TCL Group record­ed con­sol­i­dat­ed rev­enue from con­tin­u­ing op­er­a­tions of $1.1 bil­lion, 13 per cent high­er than that of the same pe­ri­od in 2021.

In­gle­field al­so as­so­ci­at­ed this in­crease with high­er vol­umes in T&T as well as the com­pa­ny’s price in­crease strat­e­gy which had been im­ple­ment­ed ear­li­er in the year to off­set the sig­nif­i­cant in­fla­tion in most in­put costs.

Ac­cord­ing to the re­port, the Group’s ad­just­ed Earn­ings Be­fore In­ter­est, Tax­es, De­pre­ci­a­tion, and Amor­ti­za­tion (EBIT­DA) of $118 mil­lion in the sec­ond quar­ter of 2022 re­flect­ed an in­crease of nine per cent com­pared to the same pe­ri­od of the pre­vi­ous year.

“This quar­ter’s re­sult re­flects the pos­i­tive im­pact of in­creased sales, and our man­age­ment of es­ca­lat­ing costs,” the state­ment said.

The TCL Group’s ad­just­ed EBIT­DA for the first six months of 2022 was $246 mil­lion, a five per cent im­prove­ment on the same pe­ri­od dur­ing the pri­or year.

Ac­cord­ing to the re­port, this was as a re­sult of im­proved ce­ment sales lo­cal­ly and in Bar­ba­dos that off­set the sig­nif­i­cant in­fla­tion in in­put costs ex­pe­ri­enced.

In­gle­field al­so re­port­ed that in the sec­ond quar­ter of 2022, the TCL Group re­port­ed net in­come of $54 mil­lion, com­pared to a net in­come of $38 mil­lion in the same quar­ter in 2021.

He said, “This in­crease was main­ly dri­ven by in­creased rev­enues par­tial­ly off­set by high­er op­er­a­tional costs and oth­er ex­pens­es in­curred dur­ing the pe­ri­od.

“Net fi­nan­cial ex­pens­es in­clud­ing ex­change loss­es, de­creased by $9 mil­lion aris­ing from the re­pay­ment of US$-de­nom­i­nat­ed bor­row­ings in Ja­maica. On a year-to-date ba­sis, the TCL Group re­port­ed a net in­come of $112 mil­lion, a 34 per cent in­crease over the pri­or year. This in­crease re­sult­ed from in­creased op­er­at­ing earn­ings and a 57 per cent re­duc­tion in fi­nan­cial ex­pens­es which were par­tial­ly off­set by high­er oth­er ex­pens­es and tax­a­tion.”

In­gle­field added, “We are pleased with the TCL Group’s im­proved fi­nan­cial per­for­mance dur­ing the first six months. A per­for­mance dri­ven by dis­ci­plined cost con­trol, and the im­ple­men­ta­tion of price in­creas­es that helped to con­tain mar­gin ero­sion. Mov­ing for­ward, we re­main vig­i­lant to po­ten­tial im­pacts on busi­ness per­for­mance dri­ven by high in­fla­tion and re­stric­tions on the sup­ply chain for our ma­te­ri­als and ser­vices. The con­flict be­tween Rus­sia and Ukraine has ag­gra­vat­ed the sit­u­a­tion, trans­lat­ing in­to in­creased costs in fu­el, pow­er, and ship­ping, as well as threats from new strains of the COVID-19 virus.”