Cemex Holdings Philippines, Inc. reported on Friday that its consolidated net income for the second quarter soared to P598.19 million from P45.9 million year on year as sales grew.
The company generated P5.7 billion in net sales, 43% higher than last year’s P3.99 billion, which the company described as “a low comparable base resulting from strict government lockdown” during the same period last year.
“For the second quarter, domestic cement volumes increased by 45% year-over-year, supported by a low base effect,” the company said.
Cemex earned a consolidated net income of P803.67 million for the January-to-June period, nearly six times the P135.02 million it generated year on year due to higher operating earnings.
The company’s operating EBITDA (earnings before interest, taxes, depreciation, and amortization) for the first half grew by 26% to P2.33 billion from P1.85 billion.
Meanwhile, its net sales reached P10.89 billion in the first semester, up by 13% from P9.62 billion year on year.
“Despite the positive developments we have seen during the first six months, we recognize that there will be headwinds during the second half of the year,” said Ignacio Alejandro Mijares Elizondo, president and chief executive of Cemex.
Cemex said it expects the country’s rainy season to affect its performance, as well as competitive market dynamics, and inflationary cost pressures on top of pandemic concerns.
“The government’s public infrastructure spending program should be a key driver of economic activity for the rest of the year,” the company said.
Meanwhile, the company said it expects the construction of its Solid Cement new line to be completed in June 2022. The development of different superstructures of the new line and the installation of new equipment continued throughout the second quarter.
On Friday, Cemex shares at the stock market went down by 0.82% or one centavo, closing at P1.21 apiece. — Keren Concepcion G. Valmonte
