Cemex Holdings Philippines, Inc. on Friday said that its subsidiary Solid Cement Corp. is building a new integrated cement production line in Rizal worth at least $235 million.

In a disclosure to the exchange, Cemex said Solid Cement is working with Atlantic Gulf & Pacific Company of Manila, Inc. and Betonbau Phil, Inc. as the principal constructors and installers of the project.

Once completed, the project is expected to produce 1.5 metric tons of cement yearly. It will stand on Solid’s cement plant in Antipolo City,

The new production line is projected to be completed by March 2024, and start operating in April 2024.

“The estimated total project cost is revised from $235 million to $323 million, while the estimated total interest capitalization for the project is adjusted to $33 million,” the company said.

Cemex said that the additional fund requirement may be sourced from the following: free cash flow, debt from any subsidiary of CEMEX, S.A.B. de C.V., the Philippine company’s ultimate parent firm, and/or debt from one or more financial institutions.

In a press release on Friday, Cemex reported a P276-million income in 2021, around 26% lower than the P985 million reported in 2020.

The parent company’s consolidated net sales increased by 6% in 2021 to P20.9 billion due to higher sales volume.

The company has yet to disclose its detailed financial statements for the period.

At the local bourse, Cemex shares fell five centavos or 4.59% to end at P1.04 apiece on Friday. — Marielle C. Lucenio

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