Under the company's recovery roadmap, diversified engineering conglomerate DMCI Holdings Inc. said it has prepared a turnaround plan to reinvigorate CHP, its largest investment to date and its first acquisition in a decade.
"We recognize CHP's operational and financial issues, but we are positive that we can turn it around by 2025 because of its ongoing capacity expansion and the clear synergies it brings to our group," DMCI Holdings chairman and president Isidro Consunji said.
CHP, the fourth largest cement manufacturer in the country, incurred losses of P2 billion in 2023, primarily attributed to escalating costs and reduced sales volumes.
The company also reported a loss of P1 billion in 2022.
"While cement demand is currently soft, we expect it to rebound as our turnaround plan progresses, supported by the Build Better More program and the anticipated easing of interest rates next year," Consunji said.
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