Cemex Holdings Philippines Inc. registered profit of P985 million last year, down 24.23 percent from P1.3 billion in 2019.
Sales reached P19.7 billion, down 16 percent from P123.12 billion in 2019.
The company said domestic cement volumes sales were down 11 percent year-over-year due to the pandemic. For the fourth quarter, domestic cement volumes declined by 9 percent year-over-year d.
Cemex said its cement prices last year were also down 6 percent driven by a higher proportion of pick-up sales, lower demand, and competitive market dynamics.
“We remain cautious on the road ahead as headwinds and uncertainty remain.
Nevertheless, we will continue to build on our learnings from 2020 to capture the opportunities around us,” said Ignacio Mijares, Cemex president.
The expansion in its Solid Cement plant reached a milestone in January with the lifting of the new kiln into position. Upon completion, this will add 1.5 million tons of annual cement capacity.
Construction of the new line will be completed in December.