Mexico: Grupo Cementos de Chihuahua (GCC) recorded a 13.6% increase in sales in the first quarter of 2018, with US sales up by 11.9% and Mexican sales up by 18.0%. Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 46.0%, while its net income rose by 554.6% to US$11.3m.
GGC said that the increases reflect strong cement demand and favourable cement pricing environments in both the United States and Mexico, increased ready-mix demand in Mexico, the effect of Mexican Peso appreciation compared to the US Dollar, and strict control of operating expenses.
Enrique Escalante, GCC's CEO, said, "Our US operations are catching the tailwind from the strong market in 2017 and the benefit of relatively mild winter weather in some of our markets. In Mexico, sales volumes were above our expectations. Our EBITDA margin in Mexico reached an all-time record of 42.7% and US margins were 16.6%, the highest for a first quarter since the 2009 financial crisis."