CEMEX Sales Hit P10.9B, Up 13%
CEMEX Holdings Philippines, Inc. has announced that its consolidated net sales increased by 13%, reaching PHP 10.9 billion during the first six months of 2021, versus the comparable period in 2020.
Photo Insert: CEMEX Q2 performance was solid as concrete
Sales increased by 43% year-over-year in the second quarter, amounting to PHP 5.7 billion, reflecting a low comparable base resulting from strict government lockdown last year.
CHP’s domestic cement volumes increased by 16% during the first six months of 2021 versus the same period of last year. For the second quarter, domestic cement volumes increased by 45% year-over-year, supported by a low base effect.
CHP’s domestic cement prices during the first six months of 2021 were 4% lower year-over-year. Net of freight charges, CHP’s domestic cement prices during the first half of the year decreased by 1% year-over-year mainly due to competitive market dynamics and the impact of COVID-19 on business activity.
Operating EBITDA for the first six months of 2021 was PHP 2.3 billion, an increase of 26% versus the same period in 2020, mainly due to higher volume while operating EBITDA margin was 21% for the first six months of 2021, compared with 19% in the same period of last year.
For the second half of 2021, CHP expects its performance to be affected by seasonality factors resulting from the rainy season, competitive market dynamics, and inflationary cost pressures, while the threat of COVID-19 remains.
The government’s public infrastructure spending program should be a key driver of economic activity for the rest of the year.
Net income for CHP was PHP 804 million for the first six months of 2021, versus PHP 135 million for the first half of last year, mainly due to higher operating earnings. Ignacio Mijares, President and CEO of CHP, said.