CEMEX Bares P16.3 Billion Sales Revenue

CEMEX HOLDINGS PHILIPPINES, INC. ("CHP") (PSE: CHP), announced today that its consolidated net sales increased by 8%, reaching PHP 16.3 billion, during the first nine months of 2021 versus the comparable period in 2020, due to higher volumes.

Photo Insert: Higher volumes propelled the results.

Sales slightly decreased by 2% year-over-year in the third quarter, amounting to PHP 5.4 billion, due to lower prices. CHP’s domestic cement volumes increased by 11% during the first nine months of 2021 versus the same period of last year.

For the third quarter, domestic cement volumes increased by 1% year-over-year, as construction activity remained stable despite a return to stricter lockdown measures due to the spread of the COVID-19 Delta variant.

CHP’s domestic cement prices during the first nine months of 2021 were 4% lower year-over-year mainly driven by higher proportion of pick-up sales. Net of freight charges, CHP’s domestic cement prices year-to-date decreased by 1% versus the comparable period in 2020 mainly due to competitive market dynamics and the impact of COVID-19 in business activity.

CHP’s Operating EBITDA for the first nine months of 2021 was PHP 3.3 billion, an increase of 2% versus the same period in 2020, supported by higher volume. Operating EBITDA margin was 20% for the first nine months of 2021, compared with 22% in the same period of last year, mainly due to higher cost of sales.

For the rest of the year, CHP expects its performance to be affected by seasonality factors resulting from the La Niña phenomenon, inflationary pressures driven by global energy and supply chain dynamics, and intense competition, as the effects of the COVID-19 pandemic remain. Execution of public infrastructure projects should remain an important driver of economic recovery in the fourth quarter of 2021.

Net income for CHP was PHP 897 million for the first nine months of 2021, versus PHP 758 million during the same period of last year, mainly due to higher operating earnings and lower financial expenses.

During the third quarter, CHP launched its “Vertua” and “Type 1P High Strength” cement products. These new products offer reductions in CO2 emissions, providing customers with eco-friendly alternatives

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