Brazil: Votorantim Cimentos saw its net income nearly double in 2012, reaching US$801m in 2012 compared to US$413m in 2011. Its sales revenue rose by 9% to US$4.69bn in 2012 from US$4.30bn in 2011.
"The combination of a favourable market alongside the opening of new factories and mills allowed a 4% increase in sales volume in Brazil, reaching 24Mt," said Votorantim Cimentos in its 2012 results report.
Votorantim's profit was boosted in 2012 by a US$132m gain recognised on stake swap in which Votorantim Cimentos gave its stake in Portuguese cement maker Cimpor to InterCement in exchange for assets in Spain, Turkey, Morocco, Tunisia, China and India, and a deposit in Peru. Additionally the company obtained US$141m in non-cement operating revenue, mainly from tax benefits.
The firm finished 2012 as the world's eight largest cement producer, with a total production capacity of 52.2Mt/yr, including 34 cement plants and 22 grinding plants, according to the report.
