Cemex Latam Holdings S.A. has reported consolidated net sales of US$1725 million for 2014, a 1% y/y decline. In 4Q14 net sales fell 13% y/y, attributed to foreign exchange fluctuations and lower revenues from the housing solutions projects in Colombia in 2014. Adjusting for these effects, consolidated net sales increased by 9% for the full year and by 8% in 4Q14 compared to 2013.
Adjusted operating EBITDA decreased by 1% in 4Q14 and by 2% for the full year.
Consolidated cement volumes were up 5% y/y, while ready-mix and aggregates volumes rose 8% and 18%, respectively. The increase is attributed mainly to positive volume dynamics in Colombia.
“We are pleased with the volume performance in some of our markets like Colombia,” said Carlos Jacks, CEO of Cemex Latam Holdings. “In fact, 2014 is the fifth consecutive year with cement and ready-mix volume growth in our operations in Colombia. We also reached new volume records in other markets such as Nicaragua and Guatemala.”
Colombia saw a 16% increase in cement volumes, a 14% increase in ready-mix volumes and a 20% rise in aggregates volumes. However, operating EBITDA decreased by 31% in 4Q14 and net sales declined 23% at US$225 million. Operating EBITDA in Panama soared by 25% in 4Q14 to US$31 million and net sales were up 2% y/y at US$74 million. In Costa Rica, operating EBITDA reached US$18 million in 4Q14, a 6% rise from 4Q13, and net sales increased by 3% to US$39 million.
“We remain encouraged by the industry fundamentals in our markets,” said Carlos Jacks. “We expect the infrastructure and housing sectors in the region to remain important drivers for demand of our products over the following years.”
Adapted from press release by Katherine Guenioui
Read the article online at: https://www.worldcement.com/the-americas/05022015/cemex-latam-holdings-reports-full-year-and-4q-results-274/