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News Cemex holds steady in 2020 as business picks up in fourth quarter

Cemex holds steady in 2020 as business picks up in fourth quarter

Written by Global Cement staff 12 February 2021
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Mexico: Cemex recorded consolidated cement volumes of 63.8Mt in 2020, up by 2% year-on-year from 62.7Mt in 2019. Ready mixed concrete sales volumes fell by 6% to 47.0Mm3 from 50.1Mm3. Its net sales fell by 1% to US$13.0bn from US$13.1bn although the group has reported a slight rise on a like-for-like basis. Operating earnings before interest, taxation, depreciation and amortisation (EBITDA) rose to US$2.46bn, up by 3% from US$2.38bn. However, sales and earnings picked up significantly in the fourth quarter of 2020.

Fernando A González, the chief executive officer (CEO) of Cemex said, “2020 was one of the most challenging years we have faced but it also was a remarkable year that tested the strengths of Cemex and several of our recent strategic initiatives. I am proud of our performance, the organisation, and how we responded to the sudden arrival of Covid-19 in 2020.”

Cement volumes rose by 6% in Mexico and by 8% in the US, but fell by 1% in Europe, Middle East, Asia and Africa and by 8% in South and Central America and the Caribbean. Prices fell in all regions except Europe, where they rose by 3%, and the US, where they remained level. Annual like-for-like sales and gross profit increases were noted in Mexico, the US and Middle East and Africa.

The group concluded the sales of its 75% stake of US-based Kosmos Cement for US$499m in March 2020 and of ready-mix assets in the UK for US$230m in August 2020.

Last modified on 17 February 2021
Published in Global Cement News
Tagged under
  • Mexico
  • Cemex
  • Results
  • coronavirus
  • concrete
  • US
  • Kosmos Cement
  • Divestments
  • concrete plant
  • UK
  • GCW493

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