CEMEX Holdings Phillipines (CHP) has announced its results for 3Q18, with record cement sales volumes behind strong domestic demand. Cement sales volumes also grew by 5% in 3Q18 and by 10% in the first nine months, compared with the same period in 2017.
Net sales also increased by 8% for CHP in 3Q18, reaching PHP6 billion. Revenues increased by 8% in the first nine months, reaching PHP17.9 billion, as compared with PHP16.6 billion in the first nine months of 2017.
EBITDA reached PHP686 million in 3Q18 and PHP2.4 billion in the first nine months. This was a decline of 8% and 15% respectively, compared to the same periods in 2017. It is thought that the lower EBITDA recorded in 3Q18 was primarily due to higher input costs and shutdown related expenses.
Finally, CHP has reported a consolidated net loss of PHP70 million in 3Q18, compared to a net income of PHP202 million in 3Q17.
“Cement demand in the Philippines remains strong and reinforces our commitment to be a partner in the development of infrastructure in the country,” said Ignacio Mijares, President and CEO of CHP. “In line with this, we recently formalised the agreement with the CBMI Construction Company of China for the construction of a new cement production line in our solid cement plant in Antipolo, Rizal, which will increase CHP’s cement production capacity by 1.5 million t.
“Higher input-cost inflation continues to be a challenge for the company. We are implementing several initiatives to improve our profitability and deliver value for our customers and shareholders. One initiative is the recent launch of CEMEX Go in the Philippines, a first-of-its-kind, end-to-end digital commerce platform that provides a seamless experience for CHP’s customers in placing and tracking orders, invoicing, and payments. CEMEX Go provides an effective, easy, and enjoyable way for our customers to interact with us.”
CHP is one of the leading cement producers in the Philippines. It is an indirect subsidiary of CEMEX, one of the largest companies in the world, based on annual installed cement capacity.
Read the article online at: https://www.worldcement.com/asia-pacific-rim/29102018/cemex-holdings-philippines-achieves-record-cement-sales-volumes-in-3q18/