30 October 2025

Spain: Molins recorded a net profit of €141m in the first nine months of 2025, down by 8% year-on-year, mainly due to the depreciation of the Mexican and Argentine currencies. On a like-for-like basis, net profit rose by 3% compared with the corresponding period in 2024. Revenues were €1bn, 2% lower than the same period last year, but up by 7% at constant exchange rates, driven by selling price adjustments amid slowing demand and global uncertainty. Earnings before interest, taxation, depreciation and amortisation (EBITDA) totalled €263m, down by 4%, but up by 6% at constant currencies, supported by higher operating efficiency and favourable pricing effects. The company also achieved one of its 2030 Sustainability Roadmap goals, reducing its clinker factor below 67%, placing it ahead of its 2030 target.

Saudi Arabia: City Cement recorded a 6% year-on-year fall in net profit to US$25.8m in the first nine months of 2025, down from US$27.5m in 2024. This was despite a 7% rise in revenues to US$103m from US$96.5m.

In the third quarter of 2025, the company’s net profit dropped by 74% year-on-year to US$2.3m from US$9m, while revenues fell by 26% to US$25.8m from US$34.8m. Quarter-on-quarter, profit declined by 76% from US$9.7m in the second quarter of 2025, with revenues down by 31% from US$37.3m.

Vietnam: Domestic cement sales reached about 18Mt in the third quarter of 2025, equal to 79% of second-quarter levels, according to the Construction Industry Development Centre (CIDC). The decline was attributed to prolonged storms and seasonal factors that disrupted operations and transport. Rising electricity, raw material and fuel costs also put pressure on production costs and profit margins.

By contrast, cement and clinker exports rose to nearly 9.5Mt, up on both the previous quarter and the first nine months of 2024. The increase was driven by efforts to expand into new markets in the Middle East, Africa and Eastern Europe, offsetting lower demand from the US, Taiwan and the Philippines. The Vietnam Cement Market Report noted that export profit margins remain under pressure due to high logistics costs and falling prices. The US’ 20% import tax on Vietnamese cement and Taiwan’s anti-dumping duties (in place until 2030) are also prompting companies to reassess pricing and market strategies.

According to the Vietnam Association of Building Materials, the final months of 2025 will bring ‘continued challenges’ from rising energy and input costs, but improving weather, faster public investment disbursement and signs of recovery in real estate are expected to boost demand for construction materials.

Kenya: Cement production rose to 920,000t in August 2025, up by 1% month-on-month from 907,000t in July 2025, keeping pace with rising demand. Consumption also reached a record 907,000t, according to the Kenya National Bureau of Statistics (KNBS).

The rebound follows the release of US$487m by the Treasury earlier in 2025 to clear unpaid bills to contractors, which allowed hundreds of stalled road and infrastructure projects to resume. The sector had previously contracted by 3% in the quarter ending June 2025 due to budget cuts, high material costs and reduced private lending.

Afghanistan: Ghori Cement Factory in Baghlan has more than doubled its daily cement production from 250-300t to 700t, according to Shafiullah Wahidi, head of the plant. He said that both the first and second units are operating normally, while construction of the third unit is ‘progressing rapidly’. Wahidi said that a third unit will be completed within 18 months, at an estimated cost of US$86m, increasing the plant’s total production capacity to 5000t/day.