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Manila Bulletin devider Business devider Cemex earnings drop due to forex losses

Cemex earnings drop due to forex losses

Published Feb 11, 2022 04:01 pm

Cemex Holdings Philippines Inc. (CHP) reported a 26 percent drop in net income to P726 million last year from the P985 million earned in 2020 mainly due to foreign exchange losses as well as the lower operating earnings in the fourth quarter.

In a disclosure to the Philippine Stock Exchange, CHP said it incurred a P172 million consolidated net loss in the last quarter of 2021 as against a net income of P227 million in the same period of 2020.

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“Despite the challenges of COVID-19, adverse weather, and rising input costs, we are proud of our accomplishments in 2021,” said CHP President Ignacio Mijares.

He added that, “We embraced health and safety, enhanced customer experience, and advanced in our sustainability targets.”

Consolidated net sales improved 6 percent to P20.9 billion last year due to higher volumes. Sales were flat year-over-year in the fourth quarter, at about P4.6 billion, due primarily to Typhoon Odette which disrupted APO Cement’s operations in the central part of the country in December.

CHP’s domestic cement volumes increased by 7 percent in 2021 versus 2020. For the fourth quarter, domestic cement volumes decreased by 2 percent year-over-year.

The firm said its domestic cement prices in the fourth quarter were 3 ercent higher year-over-year. For 2021, CHP’s domestic cement prices declined 2 percent due to product mix, specifically a higher proportion of customer pick-up sales versus the prior year.

Net of freight charges, CHP’s domestic cement prices in 2021 were flat versus 2020.

CHP’s operating EBITDA for 2021 declined 7 percent to P3.9 billion, mainly due to higher cost of sales and lower volumes in the typhoon-impacted fourth quarter. Operating EBITDA margin was 18 percent for 2021, compared with 21 percent in 2020.

In 2021, CHP’s APO Cement Plant and Solid Cement Plant recorded operational milestones related to higher production, lower clinker factor, and increasing use of alternative fuels.

For 2022, CHP expects its cement volumes to continue recovering, with construction activity to remain a driver of the country’s economic growth.

The 2022 national budget is the highest in Philippine history, 11.5 percent higher than the 2021 national budget, with 17 percent allocated to the Department of Public Works and Highways and Department of Transportation.

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Cemex Holdings Philippines Inc. Ignacio Mijares
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