Oct 2016 Financial News

Dehring quits Carib Cement

Oct 07, 2016

Chris Dehring has resigned as chairman of Carib Cement Company (CCC), two years after being appointed to the position, with immediate effect.

Dehring told the Jamaica Observer yesterday that his resignation effectively paves the way for his full-time involvement in developing his latest business interest — Digital Interactive Services Ltd (DISL), a privately owned Jamaican company which starts broadcasting as ReadyTV by April next year.

Dehring was appointed chairman of CCC in October 2014, months after joining the board of CCC parent company, Trinidad Cement Limited (TCL).

Previously, he helped found Jamaica’s first investment bank Dehring, Bunting and Golding (DBG), and served as managing director of the 2007 ICC Cricket World Cup (CWC), chief marketing executive of the West Indies Cricket Board, a manager at Citibank NA, and Chairman of LIME Caribbean/Cable & Wireless and the CCC.

Dehring noted that during his tenure CCC has not only improved its productive efficiency, but has also improved its environmental record despite being a coal user.

CCL’s net profit rose by 21 per cent year-on-year to US$832,000 in the first six months of 2016, from US$686,000 in the same period in 2015 and revenue grew by 10 per cent to US$65.6 million from US$59.4 million.

The rise in profit was attributed to increased revenue and reduction in costs, but was tempered by stockholding, inventory restructuring and manpower restructuring costs.

Cement export and clinker volumes fell by 8.0 per cent and 77 per cent respectively in the period, despite increases in revenue.

Dehring is proud of his contribution in stabilising CCC, and helping to recorner most of its market after striking a deal with former competitor, Tank-Weld, to distribute CCC products.

Prior to that Tank-Weld, which has been distributing the cement from its bagging plant at Rio Bueno in Trelawny, imported cement from the US, costing CCC some 15-20 per cent of its local market.

In recent months CCC embarked on a $700-million (US$5.5 million) overhaul of its kiln and a cement mill at the Rockfort plant which were desperately in need of upgrading, as they were operating below optimal capacity.

Dehring thinks that with the spike in the economy and growth in the building industry, CCC will have more sustainable growth and expansion in local demand for its cement.

“The company is in a much better position to grow than it was five years ago, and much better shape than when I joined it,” Dehring told the Caribbean Business Report.

He admitted some luck was included, such as falling oil prices, but insisted that operational efficiencies, production and profitability contributed significantly to its current position.

“And, of course, the share value for our shareholders has also improved. I am glad that I was able to contribute and that we certainly have been able to make progress,” he said, paying tribute to the staff headed by general manager Alejandro Varés.

But now Dehring says it is time to settle down in using his entrepreneurial talents to develop DISL — which has an islandwide special subscriber television licence issued by the Broadcasting Commission of Jamaica.

It will operate as ReadyTV in Jamaica’s fast growing cable television market, starting in the first quarter of 2017.

“We are quite excited about it, and we are anxious to make it available to the Jamaican market,” he said.

The company’s board includes: Peter Reid, chairman; Dehring, president/CEO; and David Cassanova; Orville Burrell (Shaggy); Gerard Borely — formerly chief financial officer of Cable and Wireless Caribbean, and Magnus Johansson. Gerard and Magnus are nationals of Trinidad and Tobago and Sweden, respectively.

He said ReadyTV will be headquartered in Jamaica, but will definitely have Caribbean aspirations for not just subscriber television, but other related telecommunications services in the future.

 

Source:
Jamaica Observer
Friday October 7, 2016   

http://www.jamaicaobserver.com/business/Dehring-quits-Carib-Cement_76411