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CEMEX Latam Holdings shares Q4 results

Published by , Deputy Editor
World Cement,

CEMEX Latam Holdings, S.A has announced that its consolidated net sales and EBITDA declined by 3% and 1%, respectively, during the fourth quarter of 2020 compared to those of the same period of 2019.* EBITDA margin improved by 0.4 percentage points during the fourth quarter of 2020.

Jesus Gonzalez, CEO of CLH, said: “I am proud of how the organisation responded to the challenge of the sudden arrival of COVID-19 in our footprint. We reacted quickly and forcefully to a highly uncertain situation, prioritising the safety of our employees and customers while ensuring business continuity and financial flexibility. In a very challenging year, we achieved a margin expansion of 2.1pp, a 45% free cash flow to EBITDA conversion rate, and an 11% reduction in net debt. Our customers rewarded our safety, reliability, and consistency efforts with the highest Net-Promoter-Score in our history.”

Jesus Gonzalez added, “Regarding sustainability, we advanced decisively in our efforts during 2020. We increased our alternative fuel substitution rate by seven percentage points and reduced our clinker factor by two percentage points, on a year-over-year basis.”

Consolidated corporate results

During the fourth quarter of 2020, controlling interest net income was US$8 million, compared with a loss of US$3 million during the same quarter of 2019.

Geographical markets fourth quarter 2020 highlights

Operating EBITDA in Colombia reached US$30 million, 1% higher on a like-to-like basis, compared with that of the fourth quarter of 2019. Net sales increased by 1% on a like-to-like basis, versus those of the same period of the previous year, to US$120 million.

In Panama, operating EBITDA during the fourth quarter was US$4 million. Net sales reached US$23 million during the quarter, a decline of 40% compared with those of the same period of 2019.

In Costa Rica, operating EBITDA reached US$8 million during the quarter, 34% higher on a like-to-like basis compared with that of the previous year. Net sales reached US$22 million, 7% higher on a liketo-like basis, compared with those of the fourth quarter of 2019.

In the rest of CLH operating EBITDA increased by 20% on a like-to-like basis, to US$16 million during the quarter. Quarterly net sales reached US$58 million, an increase of 12% on a like-to-like basis, compared with those of the same period of 2019.

*Like-to-like adjusted for currency fluctuations.

In accordance with its vision, CLH continues to constantly evolve aiming to become more flexible in its operations, more creative in its commercial offerings, more sustainable in its use of resources, more innovative in conducting its business, and more efficient in its capital allocation.

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