Sustainability Report 2019 launched: INSEE cement focuses on exchange rate volatility
By Ishara Gamage
Sri Lanka’s prevailing exchange rate volatility has been a major impediment to Siam City Cement’s (INSEE) local operations, Chief Executive Officer Gustavo Navarro told Ceylon FT.
Speaking on the sidelines of the INSEE Cement, Sustainability Report 2019 launching ceremony, he however said that his company was optimistic about doing business in Sri Lanka.
According to him, INSEE Cement represents a market share of 35% in the local cement market.
He also pointed out that the emergence of new cement companies in the country is a very positive factor for the nation’s construction industry.
This is the second Sustainability Report released by INSEE Cement following the acquisition of the company by Siam City Cement Public Company (SCCC) of Thailand in late-2016.
Inaugurating the event, Chairman, INSEE Cement Sri Lanka, Nandana Ekanayake welcomed all participants which was followed by a presentation from Gustavo Navarro, the CEO, INSEE Cement Sri Lanka, outlining the company’s sustainability initiatives and achievements during the 2019 financial year, from 1 January 2019 to 31st December 2019. He elaborated on the key highlights, explaining activities and achievements at the three INSEE Cement plants, the quarry site, all business units and departments.
The report was formally launched by Navarro and handed over to invitees present.
Addressing the gathering, Navarro said, “Over the years INSEE Cement has made a concerted effort to embed sustainability into every aspect of our business. This approach is also based on the principle of creating more value for stakeholders, as well as for our business whilst ensuring the reduction of the environmental footprint. This has now become a way of life that defines our organisation as we recommit to ‘Building for Life’.”
He added, “As a company INSEE Cement understands the greater role it must play in the nation’s progress. This ideology underpins INSEE’s vision to be sustainable on all fronts; economic, social and environmental. The balance between economic success, environmental protection and social responsibility is an integral part of our corporate culture for decades and a journey we will continue in to the future.”