Cemex local cement volume down 10%

CEMEX Holdings Philippines Inc. (CHP) announced Tuesday, Feb. 14, 2023, that its consolidated net sales for 2022 amounted to P20.6 billion, a decrease of two percent compared to the prior year. For the fourth quarter, net sales increased by four percent year-over-year due to higher prices. CHP’s domestic cement volume decreased year-over-year by 10 percent for the full year and five percent for the fourth quarter of 2022. The decline in volume was mainly due to lower cement demand. CHP’s domestic cement price was up by nine percent year-over-year for the full year and fourth quarter of 2022, reflecting the company’s pricing strategy to offset input cost inflation, such as in fuel, electricity and transport. CHP’s cost of sales, as a percentage of net sales, was at 67.2 percent for 2022, an increase of five percentage points year-over-year mainly due to higher fuel costs. CHP’s fuel cost, as a percentage of net sales, was at 22.6 percent for 2022, an increase of 10 percentage points year over year driven by elevated energy prices. For 2023, CHP is guiding for a flat to low-single-digit percentage decrease in its domestic cement sales

volume. (PR)